The Ripple cryptocurrency is trading at 0.6067 and continues to move within the correction and bearish channel. XRP/USD quotes are moving below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates a bearish trend for Ripple. As part of the digital currency exchange rate forecast for March 20, 2024, a correction of the asset is expected to develop and a test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 0.6235. Where can we expect a price rebound downwards and an attempt to continue the fall in the value of the XRP cryptocurrency with a potential target near the level of 0.5135.
XRP Forecast and Analysis for March 20, 2024
An additional signal in favor of the downward scenario for the XRP/USD cryptocurrency 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 bearish channel. Previously, a weak signal was received for sales of the Ripple cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 0.6535. The nearest resistance area for Ripple is located at 0.6705. The support area for XRP/USD is located at 0.6695.
The cancellation of the option for the fall of the Ripple cryptocurrency within the forecast for tomorrow will be a strong increase in the asset’s quotes and a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the price consolidating above the level of 0.6865. 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. Expect an acceleration in the fall of XRP/USD quotes with a breakdown of the support area and closing of the price below the level of 0.5645.
XRP Forecast and Analysis for March 20, 2024 suggests an attempt to correct the cryptocurrency and test the level of 0.6235. Where can we expect the Ripple rate to continue to fall with a potential target near the level of 0.5135. Cancellation of the option to reduce the cryptocurrency will be a strong rise in prices and a breakdown of the 0.6865 area. In this case, we should expect a continued rise in the digital currency with a potential target at 0.7405.
