XRP / Ripple - $2.5 support level (HOLD)
06-01-2018 Technical Analysis (Support levels & price targets)
XXRP/USD
PAST WEEK
Ripple has had an amazing past week, having a bullish run from $1.879 & peaking at $3.30! (75% increase in a mere 5 days). However having retraced about 30% from the peak of $3.30. It is still seemingly managing to hold steady at $2.50 (just below the 0.5 fib retracement level) which is still a 25% increase from the high of $1.879.
SUPPORT LEVELS
We are currently slightly below the 3rd support level from the high achieved on 4th of Jan 2018, priced at about $2.54 (0.5 fib retracement level).
Other support levels to watch out for as we continue the move upward in a few days will be $2.77 (0.618 fib retracement) & about $2.99 (0.786 fib retracement). Next support level if price were to break and fall would be, $2.21 (0.236 fib retracement). These support levels could be initial targets for price to stagger around before retesting the high of $3.30 and eventually popping the cap (bring the champagne please :P).
PRICE TARGETS
There are 4 possible price targets to hit after popping the previous high of $3.30. These are $3.42, $3.74, $4.02 & $4.24 (marked as the green horizontal lines). There is one more extension price target on my chart but I will not include it as it seems unlikely to be hit within the next rally.
RSI
RSI rating is 81 at the moment that I am typing this out. Still in the overbought channel, however we will have a few days of stagnant prices and it might even fall to the 4th & 5th support level ($2.41 & $2.21 respectively), giving us plenty of room to breathe whilst the RSI rating falls back into the "acceptable" range of below 75.
WEDGE
Looks to be that the wedge that i charted since the price of about $0.2 is finally gonna be broken in the next few days, which could cause a fall in price to the $2.41 support level, or maybe even the $2.21 level, if bears decide to push it down further. Not to fret though, this is a normal market correction after about 3 weeks of bullish movement, price will regain momentum soon, I will include dates of suspected volatility in the next section.
TIME FRAMES
The last piece of TA I did and uploaded on several forums (Reddit / XRPChat) were pretty accurate for both rallies around the time of 28th of December & 4th of Jan. The next time zones according to my analysis (marked by the orange areas) would be today, 6th of Jan. The time I suspect the next big rally will be is, 14th Jan 2018, this is because the 3 week long wedge is about to be broken and it should be at least a few days, to a week long for price to re-consolidate before moving upward again.
These time frames should not be taken to be exact, therefore, give or take a couple of days before and after for price action to pick up (hence the orange "zones").
Conclusion / TLDR
Price should stay down for the next few days to a week long, expect price to start gaining momentum heading toward the 14th of Jan.
Don't be surprised if price falls to $2.21 - that is the lowest retracement level.
Expect prices to experience resistance whilst moving up back to $3.30. Once past $3.30 it should move up to a maximum of $4.24 or slightly higher.
Happy trading! Kept gains are less pains :)
- El.NOIV
XXRP/USD
PAST WEEK
Ripple has had an amazing past week, having a bullish run from $1.879 & peaking at $3.30! (75% increase in a mere 5 days). However having retraced about 30% from the peak of $3.30. It is still seemingly managing to hold steady at $2.50 (just below the 0.5 fib retracement level) which is still a 25% increase from the high of $1.879.
SUPPORT LEVELS
We are currently slightly below the 3rd support level from the high achieved on 4th of Jan 2018, priced at about $2.54 (0.5 fib retracement level).
Other support levels to watch out for as we continue the move upward in a few days will be $2.77 (0.618 fib retracement) & about $2.99 (0.786 fib retracement). Next support level if price were to break and fall would be, $2.21 (0.236 fib retracement). These support levels could be initial targets for price to stagger around before retesting the high of $3.30 and eventually popping the cap (bring the champagne please :P).
PRICE TARGETS
There are 4 possible price targets to hit after popping the previous high of $3.30. These are $3.42, $3.74, $4.02 & $4.24 (marked as the green horizontal lines). There is one more extension price target on my chart but I will not include it as it seems unlikely to be hit within the next rally.
RSI
RSI rating is 81 at the moment that I am typing this out. Still in the overbought channel, however we will have a few days of stagnant prices and it might even fall to the 4th & 5th support level ($2.41 & $2.21 respectively), giving us plenty of room to breathe whilst the RSI rating falls back into the "acceptable" range of below 75.
WEDGE
Looks to be that the wedge that i charted since the price of about $0.2 is finally gonna be broken in the next few days, which could cause a fall in price to the $2.41 support level, or maybe even the $2.21 level, if bears decide to push it down further. Not to fret though, this is a normal market correction after about 3 weeks of bullish movement, price will regain momentum soon, I will include dates of suspected volatility in the next section.
TIME FRAMES
The last piece of TA I did and uploaded on several forums (Reddit / XRPChat) were pretty accurate for both rallies around the time of 28th of December & 4th of Jan. The next time zones according to my analysis (marked by the orange areas) would be today, 6th of Jan. The time I suspect the next big rally will be is, 14th Jan 2018, this is because the 3 week long wedge is about to be broken and it should be at least a few days, to a week long for price to re-consolidate before moving upward again.
These time frames should not be taken to be exact, therefore, give or take a couple of days before and after for price action to pick up (hence the orange "zones").
Conclusion / TLDR
Price should stay down for the next few days to a week long, expect price to start gaining momentum heading toward the 14th of Jan.
Don't be surprised if price falls to $2.21 - that is the lowest retracement level.
Expect prices to experience resistance whilst moving up back to $3.30. Once past $3.30 it should move up to a maximum of $4.24 or slightly higher.
Happy trading! Kept gains are less pains :)
- El.NOIV
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.