XRP/USD are trading at 0.1957 and continue to move as part of the correction and formation of the «Head and Shoulders» model. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $8 779 427 146. Moving averages indicate the presence of a short-term bearish trend for Ripple. Prices are testing the area between the signal lines, indicating pressure from asset sellers. At the moment, we should expect an attempt to correct the digital asset and test the resistance level near the area of 0.2055. Further, the continuation of the fall of cryptocurrency to the area below the level of 0.1375.
Ripple Forecast and XRP/USD Analysis May 29, 2020
A test of the trend line on the relative strength index (RSI) will be in favor of a fall in XRP/USD quotes. The second signal in favor of falling asset quotes will be the completion of the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option to reduce cryptocurrency will be a strong growth and closing of quotations above the level of 0.2205. This will indicate a breakdown of the resistance area and the continuation of the rise of XRP/USD to the area above the level of 0.2455. A confirmation of the fall in the digital currency will be a breakdown of the support area and closing below 0.1725. In this case, we should expect acceleration in the development of a decrease in the cost of Ripple.
Ripple Forecast and XRP/USD Analysis May 29, 2020 implies an attempt to test the resistance level near the area of 0.2055. Where can we expect the cryptocurrency to continue to fall with a potential target at 0.1375. 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 0.2205 area. In this case, we should expect continued development of the rise in digital currency with a target above 0.2455.
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