XRP/USD are trading at 1.6086 and continue to move as part of the fall and the beginning of the development of the ”Triangle” pattern. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $42,463,146,417. Moving averages indicate a short-term bullish trend for Ripple. Prices broke down from 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 a bullish correction of the asset and a test of the resistance level near the area of 1.2610. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.5505.
Ripple Forecast and XRP/USD Analysis May 20, 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 falling asset quotes will be a rebound from the lower border of the “Triangle” model. Cancellation of the option to reduce the cryptocurrency will be a strong growth and closing of quotations above the level of 1.5505. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD to the area above the level of 2.0005. Confirmation of the fall in the digital currency rate will be a breakdown of the support area and closing below 0.8005.
Ripple Forecast and XRP/USD Analysis May 20, 2021 imply an attempt to test the resistance level near the 1.2610 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.5505. 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 1.5505 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 2.0005.
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