XRP/USD end the trading week at 0.2788 and continue to move as part of the correction and the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. However, prices broke down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall 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 0.2325. Where can we expect a rebound again and a continued rise in the cryptocurrency to the area above the level of 0.6055.
Cryptocurrency XRP Forecast and Analysis February 1 — 5, 2021
An additional signal in favor of the growth of XRP quotes in the current trading week, the week February 1 — 5, 2021 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 “Triangle” pattern. Cancellation of the growth option for the Ripple cryptocurrency will be a fall in prices and a breakdown of the 0.1355 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 0.1005. Confirmation of the growth of the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the 0.3965 area, which will indicate a breakdown of the upper border of the “Triangle” model.
Cryptocurrency XRP Forecast and Analysis February 1 — 5, 2021 suggests an attempt to test the support level near the 0.2325 area. Where can we expect continued growth of quotations with a potential target at the level of 0.6055. An additional signal in favor of raising the XRP value 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 0.1355 area. This will indicate a continued decline with a target below 0.1005.