XRP/USD are trading at 1.0270 and continue to move as part of the correction and the bullish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $49,143,670,633. Moving averages indicate a short-term bearish trend for Ripple. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the asset and a potential continuation of the XRP rise in the market from the current levels. At the moment, we should expect an attempt to develop a decline in the asset and a test of the support level near the 0.9645 area. Further, an upward rebound and the continuation of the rise of the cryptocurrency to the area above the level of 1.3805.
Ripple Forecast and XRP/USD Analysis October 6, 2021
In favor of raising the XRP/USD quotes, a test of the support 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 bullish channel. Cancellation of the option of raising the cryptocurrency will be the fall and closing of quotations below the level of 0.8305. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.7505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the closing of prices above the level of 1.2655, which will indicate a breakdown of the upper border of the channel.
Ripple Forecast and XRP/USD Analysis October 6, 2021 implies an attempt to test the support level near the 0.9645 area. Where can we expect the cryptocurrency to continue to rise with a potential target at the level of 1.3805. 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 0.8305 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.7505.
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