XRP/USD are trading at 0.8393 and continue to move as part of the correction and the downward channel. Here, the ”Wedge” pattern is formed, a breakdown of which downward will give an excellent signal to continue the fall of the asset. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $40,071,909,267. Moving averages indicate a short-term bearish trend for Ripple. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the asset and a potential continuation of the XRP rate decline in the market already from current levels. At the moment, we should expect an attempt to develop asset growth and test the resistance level near the 0.8675 area. Further, a rebound downward and the continuation of the fall of the cryptocurrency to the area below the level of 0.7455.
XRP Forecast and Analysis January 4, 2022
In favor of falling XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of a decline in asset quotes will be a rebound from the upper border of the descending channel. Cancellation of the option of falling cryptocurrency will be a strong rise and closing of quotations above the level of 0.9405. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 1.1005. The confirmation of the fall in the digital currency rate will be the breakdown of the support area and the closing of prices below the level of 0.7905, which will indicate the breakdown of the lower boundary of the ”Wedge” model and the beginning of the development of this pattern.
XRP Forecast and Analysis January 4, 2022 implies an attempt to test the resistance level near the 0.8675 area. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.7455. An additional signal in favor of a decline in Ripple will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling quotations will be a strong growth and a breakdown of the 0.9405 area. In this case, we should expect a continuation of the rise in the digital currency with a target above 1.1005.
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