XRP/USD are trading at 0.9265 and continue to move as part of the decline and the formation of a “Wedge” reversal pattern. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $43,844,751,470. Moving averages indicate a short-term sideways trend in 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 XRP rate decline in the market already 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 0.8575 area. Further, an upward rebound and a continuation of the rise of the cryptocurrency to the area above the level of 1.4255.
Ripple Forecast and XRP/USD Analysis September 23, 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 boundary of the “Wedge” model. Cancellation of the cryptocurrency growth option will be the fall and closing of quotations below the level of 0.7205. This will indicate a breakdown of the support area and a continued fall in XRP/USD to the area below the level of 0.5505. Confirmation of the growth of the digital currency rate will be the breakdown of the resistance area and the close above the level of 1.1355, which will indicate a breakdown of the upper boundary of the “Wedge” model.
Ripple Forecast and XRP/USD Analysis September 23, 2021 imply an attempt to test the support level near the 0.8575 area. Where can we expect cryptocurrency growth to continue with a potential target at the level of 1.4255. An additional signal in favor of the 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 0.7205 area. In this case, we should expect a continuation of the decline in the rise in digital currency with a target below 0.5505.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link