XRP/USD complete the trading week at 0.4076 and continue to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall of the cryptocurrency already from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance area near 0.4945. Where can we expect a rebound down again and a continuation of the fall of the cryptocurrency to the area below the level of 0.1725.
XRP Forecast February 6 — 10, 2023
An additional signal in favor of falling XRP quotes in the current trading week February 6 — 10, 2023 will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the fall option for the Ripple cryptocurrency will be a strong rise in prices and a breakdown of the 0.5885 area. This will indicate a breakdown of the resistance area and continued growth of XRP/USD quotes with a target above the level of 0.6775. The fall of the cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the area of 0.3215, which will indicate a breakdown of the lower border of the bullish correction channel.
XRP Forecast February 6 — 10, 2023 suggests an attempt to test the resistance level near the 0.4945 area. Where should we expect the quotes to continue falling with a potential target at the level of 0.1725. An additional signal in favor of a decrease in the cost of XRP will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of falling cryptocurrency will be the breakdown of the area of 0.5885. This will indicate continued growth with a target above the level of 0.6775.
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