XRP/USD are trading at 0.2461 and continue to move as part of a slight increase and the beginning of the development of the “Head and Shoulders” reversal pattern. Cryptocurrency capitalization Ripple at the time of the publication of the forecast is $11 281 863 012. Moving averages indicate a short-term bearish trend for Ripple. However, prices have broken the area between the signal lines upwards, which indicates pressure from buyers of the asset and a potential continuation of XRP growth in the market. At the moment, we should expect an attempt to develop a downward correction of a digital asset and a test of the support level near the 0.2355 area. Further, an upward rebound and continued growth of the cryptocurrency to the area above the level of 0.3025.
Ripple Forecast and XRP/USD Analysis October 7, 2020
A test of the rising trend line on the relative strength index (RSI) will be in favor of raising the XRP/USD quotes. The second signal in favor of the growth of asset quotes will be a rebound from the “Neck Line” reversal pattern “Head and Shoulders”. Cancellation of the growth option for the cryptocurrency will be the fall and closing of quotations below the level of 0.1965. This will indicate a breakdown of the support area and a continued fall in XRP/USD to an area below the level of 0.1805. Confirmation of the growth of the digital currency rate will be a breakdown of the resistance area and a close above the level of 0.2675, which will indicate a breakdown of the upper border of the downward channel.
Ripple Forecast and XRP/USD Analysis October 7, 2020 implies an attempt to test the support level near the 0.2355 area. Where can we expect cryptocurrency growth to continue with a potential target at the level of 0.3025. An additional signal in favor of a rise in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for quotes will be a fall and a breakdown of the 0.1965 area. In this case, we should expect the continuation of the development of the decline in the digital currency with a target below 0.1805.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link