XRP/USD are trading at 0.3332 and continue to move as part of a strong fall based on the SEC’s decision to sue Ripple for the illegal sale of XRP tokens. Ripple cryptocurrency capitalization at the time of the publication of the forecast is $ 14,278,264,735. Moving averages indicate a short-term downtrend in Ripple. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the XRP rate decline in the market already from current levels. At the moment, we should expect an attempt to develop a bullish correction of the asset and a test of the resistance level near the 0.3825 area. Further, an upward rebound and the continuation of the fall of the cryptocurrency to the area below the level of 0.1845.
Ripple Forecast and XRP/USD Analysis December 24, 2020
In favor of lowering XRP/USD quotes, a test of the downward 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 upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong growth and closing of quotations above the level of 0.4765. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 0.5455. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing below 0.2485.
Ripple Forecast and XRP/USD Analysis December 24, 2020 implies an attempt to test the resistance level near the 0.3825 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.1845. An additional signal in favor of reducing Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 0.4765 area. In this case, we should expect the continued development of the rise in the digital currency with a target above 0.5455.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link