XRP/USD are trading at 0.4210 and continue to move as part of the fall and the bearish channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $22,018,576,069. Moving averages indicate the presence of a short-term bullish 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 fall in the XRP rate on the market already from current levels. At the moment, we should expect an attempt to develop the growth of the asset and test the resistance level near the area of 0.4305. Further, a rebound down and the continuation of the fall of the cryptocurrency to the area below the level of 0.3145.
XRP Forecast and Analysis for May 11, 2023
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 additional signal in favor of the fall of the asset will be a rebound from the lower border of the bullish channel. Cancellation of the cryptocurrency fall option will be a strong growth and closing of quotes above the level of 0.4975. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 0.5645. A confirmation of the fall in the rate of the digital currency will be a breakdown of the support area and closing prices below the level of 0.3885.
XRP Forecast and Analysis for May 11, 2023 suggests an attempt to test the resistance level near the area of 0.4305. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.3145. An additional signal in favor of Ripple’s decline will be a test of the resistance 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 0.4975. In this case, we should expect a continued rise in the digital currency with a target above 0.5645.
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