XRP/USD complete the trading week at 0.4563 and continue to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from buyers and a potential continuation of the growth of the cryptocurrency already from current levels. At the moment, we should expect an attempt to develop a correction and test the support area near 0.4245. Where can we expect a rebound again and the continued growth of the cryptocurrency to the area above the level of 0.6765.
XRP Weekly Forecast May 8 — 12, 2023
An additional signal in favor of the growth of XRP quotes in the current trading week May 8 — 12, 2023 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.3505 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 0.2465. The growth of the cryptocurrency will be confirmed by a breakdown of the resistance area and closing of quotes above the area of 0.5645.
XRP Weekly Forecast May 8 — 12, 2023 suggests an attempt to test the support level near the 0.4245 area. Where should we expect further growth of quotations with a potential target at the level of 0.6765. An additional signal in favor of the rise in the cost of XRP will be a test of the trend line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a breakdown of the 0.3505 area. This will indicate a continuation of the fall with the target below the level of 0.2465.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
