- Ripple price action sees bulls trying a final bounce off the monthly S1 from August.
- XRP price rather set to close in nomads land as bearish elements stay untouched.
- Expect to see more downturns to come as the bear cycle starts to catch a second breath.
Ripple (XRP) price is set to tank substantially lower in the coming weeks as price action sees bulls trying to make a fist against the bear cycle. Although courageous, it does not seem to be going anywhere, and it offers bears a window of opportunity to add more short positions. Expect a full paring back of the rally from June and price action to tick back at $0.2875 in the coming two or three weeks.
XRP price set to drop 14%
Ripple price sees bulls trying to perform a bounce off the monthly S1 support from August that looks to be turning into a short-term success as the close of Sunday nears. Unfortunately, bulls have not played this very well, and XRP price action is at risk of closing in nomads land, nowhere near any important hurdles or levels that could see a follow-through into next week. Should markets open on the back foot on Monday morning in the ASIA PAC session, the rally from this week could easily be beheaded and see a full paring back of the current gains.
XRP price at risk of slipping a leg lower towards the new S1 for September near $0.3. From there already, most of the rally since June will have evaporated into thin air. Only a few percentages to hit that $0.2875 and having performed a swing trade back to its origin as the bear cycle remains in place with the red descending trend line and the 55-day Simple Moving Average as nearby and short-term caps.
XRP/USD Weekly chart
The only thing that could salvage this bullish signal is some outside help. That means that global markets would need to come in and save the day, with investors buying in large sizes risk assets like equities and cryptocurrencies. For that, look for equity markets to be on the front foot, preferably Nasdaq up multiple percentages for the trading day and by this creating a tailwind for cryptocurrencies, to see XRP price rally towards $0.3616.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.