XRP/USD complete the trading week at 0.3719 and continue to move within the correction and the downward channel. Moving averages indicate a bearish trend. Prices have gone down from the area between the signal lines, which indicates pressure from sellers and a potential continuation of the cryptocurrency’s decline from current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance area near 0.3905. Where can we expect a rebound and a continuation of the fall of the cryptocurrency to the area below the level of 0.0805 again.
XRP Weekly Forecast August 8 — 12, 2022
An additional signal in favor of a decrease in XRP quotes in the current trading week August 8 — 12, 2022 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 option to reduce the Ripple cryptocurrency will be a strong rise in prices and a breakdown of the 0.5455 area. This will indicate a breakdown of the resistance area and a continued rise in XRP/USD quotes with a target above the level of 0.6505. The fall of the cryptocurrency will be confirmed by a breakdown of the support area and closing of quotes below the area of 0.2445.
XRP Weekly Forecast August 8 — 12, 2022 suggests an attempt to test the resistance level near the 0.3905 area. Where should we expect the quotes to continue falling with a potential target at the level of 0.0805. 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 cryptocurrency fall option will be a breakdown of the 0.5455 area. This will indicate a continuation of the rise with the target above the level of 0.6505.