XRP/USD end the trading week at 0.2303 and continue to move as part of the correction and the formation of an inverted “Head and Shoulders” reversal pattern. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the cryptocurrency from the current levels. At the moment, we should expect an attempt to develop a correction and a test of the support area near 0.1765. Where can we expect a rebound again and a continued rise in the cryptocurrency to the area above the level of 0.4155.
XRP Forecast and Analysis XRP/USD October 5 — 9, 2020
An additional signal in favor of the growth of XRP/USD quotes in the current trading week, the week October 5 — 9, 2020 will be a test of the support line on the relative strength index (RSI). The second signal will be the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.1175 area. This will indicate a breakdown of the support area and a continued fall in XRP/USD quotes with a target below the level of 0.0845. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 0.3505 area, which will indicate the completion of the formation of the model and the full development of the reversal pattern.
XRP Forecast and Analysis XRP/USD October 5 — 9, 2020 suggests an attempt to test the support level near the 0.1765 area. Where can we expect the continued growth of quotations with a potential target at the level of 0.4155. An additional signal in favor of a rise in the value of Ripple will be a test of the trend line on the relative strength index (RSI). The cancellation of the cryptocurrency growth option will be the breakdown of the 0.1175 area. This will indicate a continued decline with a target below 0.0845.
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