XRP/USD are trading at 0.5886 and continue to move as part of the correction and the downward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $27,654,456,378. Moving averages indicate a short-term bearish trend for Ripple. Prices are again testing the area between the signal lines, 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 an asset correction and test the resistance level near the 0.6135 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.4655.
Ripple Forecast and XRP/USD Analysis July 16, 2021
In favor of reducing the XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of falling asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the cryptocurrency will be a strong growth and closing of quotations above the level of 0.6655. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 0.7505. Confirmation of the fall in the digital currency rate will be the breakdown of the support area and the close below the level of 0.5405.
Ripple Forecast and XRP/USD Analysis July 16, 2021 implies an attempt to test the resistance level near the 0.6135 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.4655. An additional signal in favor of a decline in 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 0.6655 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 0.7505.
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