XRP/USD are trading at 0.3799 and continue to move within the correction and the downward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $19,659,853,946. Moving averages indicate the presence of a short-term bearish trend for Ripple. Prices have broken through the area between the signal lines up, which indicates pressure from sellers 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 growth of the asset and test the resistance level near the area of 0.3855. Further, a rebound down and the continuation of the fall of the cryptocurrency to the area below the level of 0.2875.
XRP Forecast and Analysis March 16, 2023
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 the fall of the asset will be a rebound from the upper border of the descending channel. Cancellation of the cryptocurrency fall option will be a strong growth and closing of quotes above the level of 0.4215. This will indicate a breakdown of the resistance area and a continuation of the rise of XRP/USD to the area above the level of 0.4745. 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 0.3555.
XRP Forecast and Analysis March 16, 2023 suggests an attempt to test the resistance level near the area of 0.3855. Where can we expect the cryptocurrency to continue falling with a potential target at the level of 0.2875. 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 0.4215. In this case, we should expect a continued rise in the digital currency with a target above 0.4745.
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