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Ripple XRP/USD forecast for the week of February 1-7, 2021

The last days of January, the Ripple cryptocurrency ends on a fairly positive note, showing a doubling of the rate in just one day. XRP/USD quotes rose from the initial $ 0.25 to $ 0.5. After such a rapid rise, a correction followed, but in general, the cryptocurrency showed that the period of decline is over, and Ripple is entering a period of a bull market.

Experienced traders have seen hints of this even earlier. The left side of the chart shows the trend line and its breakout in early January, after which the XRP/USD quotes "went" into a classic 38% pullback from the previous fall in the rate. Those who follow the forecasts on already know that to complete the reversal pattern after breaking the trend line, an unsuccessful attempt to return to the previous trend is necessary. In the case of what you see on the chart, it is an attempt to test the previous local minimum. Moreover, the level of support is not the local minimum itself, but an area of ​​about 11% on the Fibonacci scale. This is where it is necessary to place pending buy orders against the main trend. The stop is relatively close, behind the local minimum, so there is a possibility of opening a position of large volume and getting the maximum possible profit, practically without risk.

Ripple XRP/USD forecast

The Ripple rate descended to the 11% area just shortly before the pump.

Resistance levels for the week of January 1-7 will be the levels of 0.42 and 0.52.

At 0.42 there is the upper border of the descending channel, which was pierced by a spike during an upward candlestick, but the rate could not stay above the trend line.

The absolute high of the end of January is at 0.52.

The support level is the congestion 0.35-0.37. And also the previously tested level of 0.31.

Thus, the forecast for the Ripple rate for the week of February 1-7 suggests an increase in the Ripple rate and an attempt to fix the cryptocurrency quotes above the 0.50 mark. It is worth increasing the buy position during the XRP/USD rate correction.


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