XRP/USD are traded at 0.4781 and continue to move as part of the correction and the formation of the “Triangle” pattern. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $21,690,980,938. Moving averages indicate a short-term bullish trend for Ripple. Prices are testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the XRP rate growth in the market already from current levels. At the moment, we should expect an attempt to develop an asset correction and test the support level near the 0.4615 area. Further, an upward rebound and continued growth of the cryptocurrency to the area above the level of 0.6825.
Ripple Forecast and XRP/USD Analysis December 16, 2020
In favor of raising the XRP/USD quotes, a test of the broken trend line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the “Triangle” model. Cancellation of the growth option for cryptocurrency will be the fall and closing of quotations below the level of 0.4055. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.3525. A confirmation of the rise in the digital currency rate will be a breakdown of the resistance area and a close above the level of 0.6106, which will indicate a breakdown of the upper border of the “Triangle” model.
Ripple Forecast and XRP/USD Analysis December 16, 2020 implies an attempt to test the support level near the 0.4615 area. Where can we expect cryptocurrency growth to continue with a potential target at the level of 0.6825. An additional signal in favor of a rise in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for quotes will be a fall and a breakdown of the 0.4055 area. In this case, we should expect the continued development of the decline in the digital currency with a target below 0.3525.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
