XRP/USD are trading at 0.2321 and continue to move within the correction and the downward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $ 10,331,313,292. Moving averages indicate a short-term downtrend in Ripple. Prices are again pushing the area between the signal lines, which indicates pressure from the sellers of the asset and the 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 0.2925 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.0655.
Ripple Forecast and XRP/USD Analysis January 6, 2021
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 0.3775. This will indicate a breakdown of the resistance area and a continuation of the XRP/USD rise to the area above the level of 0.4655. Confirmation of the fall in the digital currency rate will be the breakdown of the support area and the close below the level of 0.1975.
Ripple Forecast and XRP/USD Analysis January 6, 2021 implies an attempt to test the resistance level near the 0.2925 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.0655. 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 to drop quotations will be a strong growth and a breakdown of the 0.3775 area. In this case, we should expect the continuation of the development of the rise in the digital currency with a target above 0.4655.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
