XRP/USD are trading at 0.6084 and continue to move as part of the correction and the formation of the ”Triangle” pattern. Ripple cryptocurrency capitalization at the time of the publication of the forecast is $ 27,683,876,281. 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 rise in the XRP rate in the market from current levels. At the moment, we should expect an attempt to develop an asset correction and test the support level near the 0.5735 area. Further, an upward rebound and continued growth of the cryptocurrency to the area above the level of 0.8505.
Ripple Forecast and XRP/USD Analysis December 8, 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 cryptocurrency growth option will be the fall and closing of quotations below the level of 0.5065. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.4525. 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 0.7045, which will indicate a breakdown of the upper border of the ”Triangle” model.
Ripple Forecast and XRP/USD Analysis December 8, 2020 implies an attempt to test the support level near the 0.5735 area. Where can we expect cryptocurrency growth to continue with a potential target at the level of 0.8505. 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 0.5065 area. In this case, we should expect the continuation of the development of the decline in the digital currency with a target below 0.4525.
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