Ripple XRP/USD end the trading week at 0.2034 and continue to move within the correction and the downward channel. Moving averages indicate the presence of a bearish trend, continue to be repelled by signal lines, which indicates pressure from the bears. At the moment, we should expect an attempt to continue the continuation of the fall and test the support area near 0.1625. Where again we should expect a rebound and continued growth of the cryptocurrency in the region above the level of 0.3555 as part of the development of the bullish «Wolfe Wave» model.
Ripple Forecast and Analysis January 13 — 17, 2020
In favor of the growth of XRP/USD quotes in the current trading week from January 13 to 17, 2020, a test of the support line on the relative strength index (RSI) will come out. The second signal will be the completion of the formation of the bull model «Wolfe Wave». Cancellation of the growth option of the Ripple cryptocurrency will be a fall and a breakdown of the 0.1205 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.0705. A confirmation of the growth of the cryptocurrency will be a breakdown of the resistance area and closing of quotations above the 0.2505 area.
Ripple Forecast and Analysis January 13 — 17, 2020 implies an attempt to test the support level near the 0.1625 area. Where can we expect continued growth of quotations with a potential target at the level of 0.3555. An additional signal in favor of the fall of Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the option to reduce cryptocurrency will be the breakdown of the 0.1205 area. This will indicate a continued decline with a target below the level of 0.0705.