XRP/USD are trading at 0.4873 and continue to move as part of the correction and the formation of the “Triangle” model. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $24,736,927,867. Moving averages indicate the presence of a short-term bullish trend for Ripple. Prices have gone up from 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 a downward correction of the asset and a test of the support level near the area of 0.4455. Further, a rebound upwards and continued growth of the cryptocurrency to the area above the level of 0.5975.
XRP Forecast and Analysis October 7, 2022
In favor of the rise in XRP/USD quotes, a test of the support line on the relative strength index (RSI) will come out. The second signal in favor of the growth of asset quotes will be a rebound from the lower border of the bullish channel. Cancellation of the cryptocurrency rise option will be the fall and closing of quotes below the level of 0.3805. This will indicate a breakdown of the support area and a continuation of the fall of XRP/USD to the area below the level of 0.3205. A confirmation of the growth of the digital currency rate will be a breakdown of the resistance area and the closing of prices above the level of 0.5265, which will indicate the completion of the formation of the “Triangle” model and the start of working out with targets at the top.
XRP Forecast and Analysis October 7, 2022 suggests an attempt to test the support level near the area of 0.4455. Where should we expect the continued growth of the cryptocurrency with a potential target at the level of 0.5975. An additional signal in favor of the rise of Ripple will be a test of the bullish trend line on the relative strength index (RSI). Cancellation of the quote growth option will be a fall and a breakdown of the 0.3805 area. In this case, we should expect a continued decline in the digital currency with a target below 0.3205.
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