XRP completes the trading week near the 0.5012 area. XRP/USD quotes are trading below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a bearish trend for the Ripple coin. As part of the digital currency rate forecast for the trading week September 4 — 8, 2023. A slight correction is expected to develop and a test of the Ichimoku indicator signal lines near the level of 0.5205 is expected. Where should we expect a rebound down and an attempt to continue the fall of the cryptocurrency rate with a target near the level of 0.2465.
XRP Forecast September 4 — 8, 2023
An additional signal in favor of the fall of 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. Earlier, a weak 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 0.5675. The nearest resistance area for XRP is at 0.5785. The area of support for XRP/USD is at 0.3955.
Cancellation of the option of falling Ripple quotes will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 0.7375 area. This will indicate a change in the bearish trend in favor of the bullish trend and the continued growth of the coin. It is worth expecting an acceleration in the fall of the cryptocurrency with a breakdown of the support area and closing quotes below the level of 0.4605.
XRP Forecast September 4 — 8, 2023 suggests an attempt to develop a correction to the level of 0.5205. Where should we expect a rebound down and the continuation of the fall of the cryptocurrency with a potential target near the level of 0.2465. A test of the lower border of the bullish channel will come out in favor of the decline. Cancellation of the fall option will be a strong growth and a breakdown of the 0.7375 area. In this case, we should expect Ripple to continue rising with a potential target at the level of 0.8695.
