XRP/USD are trading at 0.2320 and continue to move as part of the correction of the formation of the “Wedge” reversal pattern. Ripple cryptocurrency capitalization at the time of the publication of the forecast is $10 615 558 307. Moving averages indicate a short-term bearish trend for Ripple. 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 fall. At the moment, we should expect an attempt to continue the development of the downward correction of the digital asset and test the support level near the 0.2205 area, where the lower border of the “Wedge” model is located. Further, an upward rebound and continued growth of the cryptocurrency to the area above the level of 0.3275.
Ripple Forecast and XRP/USD Analysis September 10, 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 asset quotes growth will be a rebound from the lower boundary of the “Wedge” model. Cancellation of the growth option for cryptocurrency will be the fall and closing of quotations below the level of 0.1825. This will indicate a breakdown of the support area and a continued fall in XRP/USD to an area below the level of 0.1625. Confirmation of the growth of the digital currency rate will be a breakdown of the resistance area and closing above the level of 0.2625.
Ripple Forecast and XRP/USD Analysis September 10, 2020 implies an attempt to test the support level near the 0.2205 area. Where can we expect the cryptocurrency to continue growing with a potential target at the level of 0.3275. 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 0.1825 area. In this case, we should expect the continued development of the decline in the digital currency with a target below 0.1625.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link