Crypto

Cryptocurrency XRP forecast for May 6, 2022

XRP/USD quotes are trading at 0.5796 and continue to move as part of the fall and the downward channel. The capitalization of the Ripple cryptocurrency at the time of the publication of the forecast is $28,652,026,936. Moving averages indicate the presence of a short-term bearish trend for Ripple. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the asset and a potential continuation of the decline in the XRP rate on the market from current levels. At the moment, we should expect an attempt to develop a correction of the asset and a test of the resistance level near the area of ​​0.6135. Further, a rebound down and the continuation of the fall of the cryptocurrency to the area below the level of 0.4305.

Cryptocurrency XRP forecast for May 6, 2022

In favor of reducing the XRP/USD quotes, a test of the resistance line on the relative strength index (RSI) will come out. The second signal in favor of falling asset quotes will be a rebound from the upper border of the bearish channel. Cancellation of the cryptocurrency fall option will be a strong growth and closing of quotes above the level of 0.7305. This will indicate a breakdown of the resistance area and continued growth of XRP/USD to the area above the level of 0.7995. A confirmation of the fall in the rate of the digital currency will be a breakdown of the support area and closing prices below the level of 0.5175.

Thus, XRP cryptocurrency forecast for May 6, 2022 suggests an attempt to test the resistance level near the area of ​​0.6135. Where should we expect the cryptocurrency to continue falling with a potential target at the level of 0.4305. An additional signal in favor of Ripple’s decline will be a test of the downtrend line on the relative strength index (RSI). Cancellation of the option of falling quotes will be a strong growth and a breakdown of the area of ​​0.7305. In this case, we should expect the digital currency to continue to rise with a target above 0.7995.

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