XRP/USD are trading at 0.2535 and continue to move as part of the correction and the formation of the “Wolfe Wave” model. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $11,902,821,643. Moving averages indicate a short-term bearish trend for Ripple. However, 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 the current levels. At the moment, we should expect an attempt to develop a downward correction of the asset and a test of the support level near the 0.2215 area. Further, an upward rebound and the continuation of the rise of the cryptocurrency to the area above the level of 0.3285.
Ripple Forecast and XRP/USD Analysis January 29, 2021
A test of the downward trend line on the relative strength index (RSI) will be in favor of raising the XRP/USD quotes. The second signal in favor of the growth of asset quotes will be a rebound from the lower boundary of the “Wolfe Wave” model. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.1865. This will indicate a breakdown of the support area and a continued decline in XRP/USD to the area below the level of 0.1575. Confirmation of the rise in the digital currency rate will be the breakdown of the resistance area and the close above the 0.2695 level.
Ripple Forecast and XRP/USD Analysis January 29, 2021 implies an attempt to test the support level near the 0.2215 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 0.3285. An additional signal in favor of the growth of Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise quotes will be a fall and a breakdown of the 0.1865 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.1575.
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