XRP price lacks bullish conviction towards $1.25
|- XRP price offered a solid entry point for bulls twice on Sunday and Tuesday.
- Ripple has opened substantially higher this morning and looks to continue the uplift.
- A favorable tailwind has emerged around Bitcoin and its ETF that spills over into other cryptocurrencies with the media attention.
Ripple (XRP) price started to fade a bit last week but Sunday and Monday both offered an irresistible entry level for bulls around $1.Following today's open, XRP price has moved substantially higher, ready to reclaim $1,15 intraday and $1.25 by the end of the week.
XRP price back above $1.10 could spell a further 13% gain in just one or two days
XRP price came under a bit of selling pressure last week as global markets on the whole suffered from the reflation and stagflation trade.With these worries fading, however, and earnings season already showing some upside surprises, investors are back on the front foot, and risk appetite has re-emerged. Add the media attention around the Bitcoin ETF launched on Tuesday,providing a favorable tailwind for global cryptocurrencies, and the outlook for this week looks decidedly better.
XRP price saw Investors go long on Sunday and Monday around $1. With a few retests of the green ascending trend line, the 200-day Simple Moving Average (SMA) coming in, and the psychological effect of the $1 level, bulls saw the stars align perfectly for building up their stakes in XRP. With XRP price today opening near the 55-day SMA and trying to break $1.10 to the upside, bulls look to push price-action towards $1.25.
XRP price will probably face some profit-taking from intraday traders around $1.25.Following that, the level around $1.20 will be significant as too much profit-taking might slip into XRP price fading without recovery. A push above $1.25 would make bulls target and reclaim the green ascending trend line and possibly $1.42 as more buyers will want to jump onto the bull run higher.
Should earnings start to disappoint, or should market sentiment show signs of worry around stagflation again, however, expect to see quick profit-taking and positions being unwound. In that case, XRP price could break the green ascending trend line and the 200-day SMA to see a dip towards $0.84.
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