Ripple struggling to move forward as Kicking bearish pattern has emerged which signals the downtrend. Here is the 05-07 January Ripple Technical Prediction.
05 January, AtoZForex – Ripple (XRP) now became the second largest cryptocurrency after Bitcoin in terms of market cap beating Ethereum a few days back. The XRPUSD price surged by US$ 1.12 (69.57%) with a total volume of over US$ 6.12 Billion. Also, the highest price, US$ 3.29, was on Thursday, 04 January 2018. Additionally, XRP jumped 35,500 percent to $2.30 in 2017, showing a larger increment than Bitcoin and Ethereum. Will the Ripple price touch its all-time high by the end of this week?
Ripple XRPUSD Chart, Time-frame: 1 month; Source: coinmarketcap.com
05-07 January Ripple Technical Prediction
Chris Larsen, the co-founder of Ripple (XRP) coin now became the five wealthiest people in the U.S after a hike in Ripple price over past few week. According to Forbes, Larsen holds 5.19 Billion of Ripple’s XRP coin and a 17 percent stake in the company. Also, Ripple is using blockchain technology to develop a payment network that more than 100 financial institutions are currently using.
As indicated by Ripple, American Express FX International Payments will partner together with Santander U.K. to make an exchange channel between the US and UK. Given the US is the U.K’s biggest trading accomplice, there is in this way need to make “frictionless” business worldwide installments in the UK. The association between American Express FX International Payments and Santander U.K. will enable American Express to streamline cross-fringe B2B installments and have a greater proximity in the U.K.
Greg Keeley, executive vice president of Global Corporate Payments at American Express commented:
“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served.”
According to the charts, a kicking bearish candlestick pattern has emerged which signals the downtrend. The first candle is a “White Marubozu.” The second candle is a “Black Marubozu” that gaps downward. Hence, this pattern is a definite sign that the market is headed downward. With this indicator, the previous market direction is not as important as with other indicators.
Moreover, according to Fibonacci retracement, XRPUSD is trading above the 68% Fibo retr. Zone and the price are facing difficulty to cross the resistance level. On the upside, if the XRPUSD crosses $ 3.10 level then it may test towards $ 3.6 and another level will be formed at that point.
Additionally, on the downside, if the Price failed to sustain at this level and drops below 50% Fibo. Retr. Level i.e. $ 2.47 then the chances are high that it may break its support level.
The relative strength index(14) value is 86.581 which signify Overbought in the daily timeframe.
The MACD(12,26) value is 0.541 gives buying signal in daily charts.
Moreover, according to ATR(14), the XRPUSD pair is Highly volatile.
The Ripple has significant support near $2.35 level and resistance at $3.10 level.
Ripple Pivot points
What’s your opinion on the 05-07 January Ripple Technical Prediction? Let us know in the comment section below.