The Ripple cryptocurrency is trading at 0.5958 and continues to move as part of the development of the decline and the downward channel. XRP/USD quotes are moving below the lower border of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for Ripple. As part of the digital currency rate forecast for August 17, 2023. The development of an asset correction and a test of the area of the signal lines of the Ichimoku Kinko Hyo indicator near the level of 0.6165 is expected. Where should we expect the price to bounce down and an attempt to continue the fall in the value of the XRP cryptocurrency with a potential target near the level of 0.5185.
XRP Forecast and Analysis for August 17, 2023
An additional signal in favor of the XRP/USD cryptocurrency fall scenario will be a test of the resistance area on the cryptocurrency price chart. The second signal will be a rebound from the upper border of the descending channel. Earlier, a strong signal was received for the sale of the Ripple cryptocurrency. The signal was formed due to the crossing of the signal lines at the level of 0.7035. The nearest resistance area for Ripple is at 0.6705. The support area for XRP/USD is at 0.5705.
Cancellation of the option to reduce the Ripple cryptocurrency as part of the forecast for tomorrow will be a strong increase in asset quotes and a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with price fixing above the level of 0.6505. This option will indicate a change in the bearish trend for XRP in favor of a bullish trend and continued growth in the value of the digital asset. It is worth expecting an acceleration in the fall of XRP/USD quotes with a breakdown of the support area and closing the price below the level of 0.5585.
XRP Forecast and Analysis for August 17, 2023 suggests an attempt to correct the cryptocurrency and test the level of 0.6165. Where should we expect the continuation of the fall of the Ripple rate with a potential target near the level of 0.5185. Cancellation of the option to reduce the cryptocurrency will be a strong rise in prices and a breakdown of the area of 0.6505. In this case, we should expect the continued rise of the digital currency with a potential target at the level of 0.7285.
