fxs_header_sponsor_anchor

XRP Price Prediction: Ripple price on way to $0.37 with bulls on mission mode

  • Ripple price sees trading conditions improving substantially.
  • XRP rides a wave of positive elements that provide several tailwinds.
  • Expect to see $0.37 by the end of this week with the 200-day SMA up for grabs next week.

Ripple (XRP) price pumps higher with over 1% of profits intraday as a new high for 2023 sits nearby. Bulls see the trading conditions improve as both the VIX and the Dollar Index (DXY) are backing off further. Interest rates are off their highs in terms of yields as markets start to focus on the pivot level of the US Federal Reserve. Several data points from the past Friday confirm that more upside potential for risk assets is in the cards for the coming days and weeks.

Ripple price set to pump 7% in one week

Ripple price jumps intraday on this first official trading week of 2023 as several trading desks are now fully staffed and plenty of banks and funds are projecting their forecasts for 2023. With still a big bag of tail risks, trading conditions are improving as markets see rates, the US Dollar and the VIX come off their more elevated levels from 2022.

XRP price already has flirted with a new high for 2023 as $0.3553 gets tested. As the US session starts on Monday, several assets are taking a step back from the highs in the risk asset group. If this risk-on sentiment continues and receives more support from a weaker inflation number on Thursday, XRP could be seen hitting $ 0.3710 by the end of this week.

XRP/USD daily chart

Risk to the downside comes with US Federal Reserve chairman Powell speaking on Tuesday in Sweden. On past occasions, the US Fed Chair has always pushed back against market optimism. That could be seen as a cold shower, bringing XRP price back toward $0.33 at the lowest price action since November.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.