BTC and XRP - Downturn Soon Expected



The price of Bitcoin has been increasing since Sunday when it was sitting at $15764 and came up to $17084 today which is an increase of around 8.3%. The price is in an upward trajectory and is making new highs with every rise.


Looking at the hourly chart, you can see that the price has made a higher high compared to the one made last Thursday which was the 3rd wave of the lower degree count from the impulse wave to the upside. This was another increase which is the ending wave of the higher degree count that started around the 3rd of November when the price broke out above last year’s high made on June 26th.

As the price is making new strives and is still in an upward trajectory. It started going past the resistance level from the ascending triangle made from the 5th of November when the price started consolidating after a breakout above last year’s high. The price first made a minor breakout below it and even a pullback on the interaction with its support level on the rise that followed. This is why the triangle’s outline levels are still considered significant and could be serving as indication points.

Now we could expected shorty the start of a downturn as the price has made its final wave to the upside and made it at the resistance zone above the ascending triangle’s upper level.


From yesterday’s low at $0.2636 the price of Ripple has increased by 15.77% as it came up just above the $0.3 mark. It is still in a steep upward trajectory and is likely to continue its increase.


On the hourly chart, we can see a similar pattern like in the case of Bitcoin as the price of Ripple is its ending wave both in a lower and out of the higher degree count. A breakout has been made above its significant horizontal level on Saturday and after a retest of the level for support, the price continued increasing which was indicative of its 4th wave that has set to establish support before further uptrend continuation.

Now as the price is in its ending wave, shorty a move to the downside would be expected but there is still more room to go for the price before that swift in trend starts.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k Bitcoin Recovers to January 11 Prices When ETFs Were Approved A Major Network Outage in Solana Had Little Impact on the SOL/USD Exchange Rate

Latest articles


Nvidia's Successes Helps S&P 500 Price Reach Its All-time High

Yesterday, the price of the S&P 500 stock index rose to record closing highs on Thursday. Moreover, such a growth rate (+2.11% per day) has not been observed for 13 months. Reasons for Extremely Bullish Sentiment: → Nvidia's

Forex Analysis

Market Analysis: AUD/USD and NZD/USD Grind Higher Steadily

AUD/USD is moving higher and might rally if it clears 0.6600. NZD/USD is also rising and could extend its increase above the 0.6220 resistance zone. Important Takeaways for AUD/USD and NZD/USD Analysis Today· The

Forex Analysis

Commodity Currencies Strengthen after the FOMC Minutes Publication

The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.