XRP/USD are trading at 0.4238 and continue to move within the correction and the upward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $19,635,292,600. Moving averages indicate a short-term bullish 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 drop 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 0.4145 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 0.6455.
Ripple Forecast and XRP/USD Analysis March 16, 2021
In favor of raising the XRP/USD quotes, a test of the rising 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 0.3205. This will indicate a breakdown of the support area and a continued decline in XRP/USD to the area below the level of 0.2705. 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 0.5185, which will indicate a breakdown of the upper border of the ”Triangle” model.
Ripple Forecast and XRP/USD Analysis March 16, 2021 imply an attempt to test the support level near the 0.4145 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 0.6455. 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 0.3205 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.2705.
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