XRP goes against the flow and looks to book a 12% profit
|- Ripple price action saw a complete pairing back of the losses that occurred throughout the day on Thursday.
- XRP price action is set to continue the bull run with a perfect bounce off the monthly pivot.
- XRP bulls could be set to hit $0.78 later today and book 12% while global markets are on edge.
Ripple (XRP) price action is looking for direction as the battle around Kyiv looks set to enter its end game as Russian troops are now 10km from the presidential palace. With global markets on edge over the weekend, expect to see XRP price action continue its run of gains as investors await new information to reassess the situation. Meanwhile, Ripple could book 12% of gains by the end of today.
XRP bulls are using the lack of information to book gains until new developments are added to the current situation
Ripple price action uses the monthly pivot at $0.68 to continue the recovery after XRP bounced off critical support at $0.62. Bulls caught the falling knife action and, in the process, are looking at 10% gains this morning as the price action looks set to pop further upwards to $0.78, targeting another 12% gains in the process. All will depend on the further developments coming out of Ukraine later today.
XRP bulls will look to take out the 55-day Simple Moving Average (SMA) at $0.73. Generally, in February, the 55-day SMA was a very supportive factor that has been turned into resistance since February 21 and could be vital going forward for bulls to look for more gains at $0.84 and $0.88. Bulls will be watching the price action like hawks going into the weekend, to book profit should market events ask for that.
XRP/USD daily chart
Over the weekend or even in the coming hours, the situation in Ukraine could easily escalate and put pressure on global markets. With that, XRP could easily pare back its gains, break below the monthly pivot and retest $0.62, which it bounced off on Thursday. Depending on that, expect a possible additional dip towards $0.58, holding a potential 15% loss.
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