XRP/USD are trading at the level of 0.4210 and continue to move within the framework of the fall and have left the limits of the bullish channel. The capitalization of the Ripple cryptocurrency at the time of publication of the forecast is $22,094,046,409. Moving averages indicate the presence of a short-term bearish trend in Ripple. Prices broke the area between the signal lines down, which indicates the pressure from the sellers of the asset and the potential continuation of the decline of the XRP rate in the market already from the current levels. At the moment, we should expect a demand for growth of the asset and a test of the resistance level near the area of 0.4575. Next, a rebound down and continuation of the fall of the cryptocurrency to the area below the level of 0.3325.
XRP Forecast and Analysis for May 16, 2023
A test of the resistance line on the relative strength indicator will favor the decline in XRP/USD quotes. The second additional signal in favor of the fall of the asset will be a rebound from the lower border of the bullish channel. A strong growth and closing of quotations above the level of 0.4945 will cancel out the possibility of a cryptocurrency fall. This will indicate a breakdown of the resistance area and the continuation of the growth of XRP/USD in the area above the level of 0.5655. The fall of the digital currency rate will be confirmed by the breakdown of the support area and the closing of prices below the level of 0.3805.
XRP Forecast and Analysis for May 16, 2023 suggests a demand for a test of the resistance level near the 0.4575 area. Why should we expect a continuation of the fall of the cryptocurrency with a potential target at the level of 0.3325. An additional signal in favor of Ripple’s decline will be a test of the resistance line on the relative strength indicator. A strong growth and breakdown of the area of 0.4945 will cancel out the option of falling quotes. In this case, we should expect a continuation of the rise in the digital currency with a target above 0.5655.
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