XRP ends the trading week near the 0.5864 area. XRP/USD quotes are trading above the upper limit of the Ichimoku Kinko Hyo Cloud. This indicates a bullish trend for the Ripple coin. As part of the forecast for the digital currency exchange rate for the trading week of March 4 — 8, 2024. A correction is expected to develop and a test of the upper limit of the Ichimoku indicator Cloud is expected near the level of 0.5605. Where can we expect a rebound upward and an attempt to continue the growth of the cryptocurrency rate with a target near the level of 0.7475.
XRP Forecast March 4 — 8, 2024
An additional signal in favor of a decline in the cryptocurrency will be a test of the resistance level on the price chart. The second signal will be a rebound from the upper border of the bearish channel. Previously, a weak signal was received for purchases of the Ripple cryptocurrency. The signal was formed due to the intersection of signal lines at the level of 0.5185. The nearest resistance area for XRP is located at 0/6735. The support area for XRP/USD is located at 0.5245.
Cancellation of the option to increase Ripple quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with quotes closing below the 0.5005 area. This will indicate a change in the bullish trend in favor of a bearish trend and the continuation of the fall of the coin. Expect an acceleration in the growth of the cryptocurrency with a breakdown of the resistance area and closing of quotes above the level of 0.6005, which will indicate a breakdown of the upper boundary of the bearish channel.
XRP Forecast March 4 — 8, 2024 assumes an attempt to develop a correction to the level of 0.5605. Where can we expect an upward rebound and continued growth of the cryptocurrency with a potential target near the level of 0.7475. A test of the lower boundary of the bullish channel will support the rise. Cancellation of the growth option will be a fall and a breakdown of the 0.5005 area. In this case, we should expect Ripple to continue to decline with a potential target at 0.4405.
