XRP is a beacon of light in the crypto winter and could be proven an outlier next week


  • Ripple price action trades in a tight range against last week's volatile session.
  • XRP could be seen rallying if more investors cherry-pick the cryptocurrency. 
  • Traders try to stay in their positions to avoid falling below key hurdles.

Ripple (XRP) price is seeing bulls sticking to their guns after adventurous bulls came in and bought the dip near the low of the current low of November last week. Although XRP recovered a bit at the beginning of this week, as more headlines came out on the aftermath of FTX, the polish missile impact was the key trigger that flipped price action to the downside and bruised the bullish recovery sentiment. Expect to see some lacklustre move into the weekend, with price action contained either way by a firm cap and floor.

XRP could go either way, depending if the market makes up its mind

Ripple price is holding its gains for the week in a very challenging week where quite a lot of bearish sparks were going against the attempt of bulls to recover at least a chunk of the incurred losses from last week. Unfortunately, bulls could not push price action above that 200-day Simple Moving Average at $0.3973 and saw it being respected as a cap. To the downside, bulls were keen to get in even a few cents before the bounce off the red descending trend line at $0.3212.

XRP, thus, is one of the more bullish outliers in the cryptocurrency space as several other cryptocurrencies and alt currencies are bleeding heavily. The bruised confidence makes it ideal for traders to cherry-pick the ones holding the best cards. XRP could be seen as the best crop pick, with massive cash allocated toward it, due for a break above the 200-day SMA and a target of $0.4974 to the upside by the end of next week.

XRP/USD weekly chart

XRP/USD weekly chart

Risk to the downside is being held by the technical rejection on the top side against that 200-day SMA, as it could trigger another leg lower in the coming week. That would go hand in hand with markets being rattled again by some geopolitical triggers. As Russia remains bombing Ukrainian energy installations and gas supplies, it is not unthinkable that more rockets land in Poland as collateral damage from Ukraine's defenses. The question will be when NATO perceives this as 'enough is enough and calls on any chapters that would activate military retaliation.

That would be a big bearish trigger and push XRP to the downside. First up would be a push against the red descending trend line near $0.3000. Once XRP enters that area again, expect a test at $0.2875 before now lows for November will be printed. Certainly, that $0.2500 looks to be a good candidate to catch our trigger a bounce off.


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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP