XRP/USD are trading at 0.3694 and continue to move as part of the correction and the formation of the “Wedge” reversal pattern. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $18,307,561,041. Moving averages indicate the presence of a short-term bullish trend for Ripple. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth of the XRP rate on the market already from current levels. At the moment, we should expect an attempt to develop the rise of the asset and a test of the resistance level near the area of 0.4065. Further, a rebound down and the continuation of the fall of the cryptocurrency to the area below the level of 0.2975.
XRP Forecast and Analysis August 17, 2022
In favor of reducing the XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of falling asset quotes will be a rebound from the upper boundary of the “Wedge” reversal pattern. Cancellation of the cryptocurrency fall option will be a strong growth and closing of quotes above the level of 0.4675. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 0.5565. The fall in the rate of the digital currency will be confirmed by a breakdown of the support area and the closing of prices below the level of 0.3405, which will indicate a breakdown of the lower boundary of the “Wedge” reversal pattern and the beginning of the model with targets below.
XRP Forecast and Analysis August 17, 2022 suggests an attempt to test the resistance level near the area of 0.4065. Where should we expect the cryptocurrency to continue falling with a potential target at the level of 0.2975. An additional signal in favor of Ripple’s decline will be a test of the downtrend line on the relative strength index (RSI). Cancellation of the option of falling quotes will be a strong growth and a breakdown of the area of 0.4675. In this case, we should expect the digital currency to continue to rise with a target above 0.5565.
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