Ripple price turns as US Dollar surprises with sudden strength

Ripple price slid over 3% in the European trading session after the disappointing ASIA PAC session.
XRP gets grilled after US Dollar strength returns, causing massive market headwinds.
Expect to see pressure building on $0.3710 for a possible break lower.

Ripple (XRP) price is on the back foot again after what should have been the moment every trader was waiting for this year: the Christmas rally. Instead, the rally chokes as its worst enemy is back at it – the US Dollar’s strength. Although Halloween is over, it almost feels as if the past trading days have the writing of a scary movie where the dead corpse at the end makes one last attempt to strike before finally dying. So, US Dollar strength, will you finally die?

XRP sees its nemesis lashing out

Ripple price sees bulls being outmatched by the US Dollar’s strength and its army of bears going along with it. What should have been the confirmation of the Christmas rally for this year rather looks like the Texas Chainsaw Massacre. Not only are equities selling off, but the timing as such also could not come at a worse time of the year.

XRP will probably see no Christmas rally, similar to some employees who will receive no bonus this year, or even worse, the announcement of massive layoffs. In November, big tech confirmed thousands of jobs would evaporate, and now banks and finance are joining them with big names like Goldman Sachs, Morgan Stanley chopping into their staffing numbers. This further weighs on sentiment and will see XRP hit $0.3710 for support, possibly break that barrier, and next look at $0.3500 to do the trick.

XRP/USD daily chart

Things could still be salvaged if positive elements could pop up and act as catalysts for a risk-on rally. That could come in the form of any positive comments around talks between Ukraine and Russia, Fed Chair Jerome Powell who speaks of seeing inflation abating further, and things falling in line in the next couple of months. That would trigger a pop back to $0.4228 and possibly next $0.48 to the upside for a 28% gain.

Share: Cryptos feed

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.

Join Telegram