XRP/USD are trading at 0.1959 and continue to move as part of the upward correction and the formation of the «Triangle» model. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $8 721 917 737. Moving averages indicate the presence of a short-term bullish trend for Ripple. Prices are testing the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continuation of growth. At the moment, we should expect an attempt to continue the development of the bullish correction of the digital asset and test the resistance level near the area of 0.2005. Further, the continuation of the fall of cryptocurrency to the area below the level of 0.1665.
Ripple Forecast and XRP/USD Analysis July 16, 2020
In favor of the fall in XRP/USD quotes, a test of a downward trend line on the relative strength index (RSI) will come out. The second signal in favor of reducing asset quotes will be a rebound from the upper boundary of the Triangle model. Cancellation of the option of falling cryptocurrency will be a strong growth and closing of quotations above the level of 0.2105. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 0.2355. A confirmation of the fall in the digital currency will be a breakdown of the support area and closing below 0.1845. In this case, we should expect acceleration of the development of the fall in the value of Ripple.
Ripple Forecast and XRP/USD Analysis July 16, 2020 implies an attempt to test the resistance level near the area of 0.2005. Where can we expect the cryptocurrency to continue to fall with a potential target at 0.1665. 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 quotes will be a strong growth and a breakdown of the 0.2105 area. In this case, we should expect continued development of the rise in digital currency with a target above 0.2355.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link