XRP/USD are trading at 0.7825 and continue to move as part of the growth and the formation of a bullish “Wolfe Wave” pattern. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $37,295,077,945. Moving averages indicate the presence of a short-term bearish trend for Ripple. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the decline in the XRP rate on the market from current levels. At the moment, we should expect an attempt to develop a correction of the asset and a test of the support level near the area of 0.7505. Further, a rebound upwards and continued growth of the cryptocurrency to the area above the level of 0.8975.
XRP Forecast and Analysis April 8, 2022
In favor of the rise in 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 bullish “Wolfe Wave” model. Cancellation of the cryptocurrency growth option will be the fall and closing of quotes below the level of 0.7025. This will indicate a breakdown of the support area and a continuation of the fall of XRP/USD to the area below the level of 0.6505. A confirmation of the growth of the digital currency rate will be a breakdown of the resistance area and the closing of prices above the level of 0.8175, which will indicate a breakdown of the upper border of the “Wolfe Wave” model.
XRP Forecast and Analysis April 8, 2022 suggests an attempt to test the support level near the area of 0.7505. Where can we expect the cryptocurrency to continue to grow with a potential target at the level of 0.8975. An additional signal in favor of the rise of 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 0.7025 area. In this case, we should expect a continued decline in the digital currency with a target below 0.6505.
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