- XRP price is still stuck in a consolidation phase with lower highs and higher lows.
- Ripple price still favouring tailwinds with Nasdaq set for a winning streak.
- Expect global risk-on to push XRP price to the upside, targeting a technical cap at $0.90.
Ripple (XRP) price is stuck in an ongoing consolidation where both buyers and sellers are pushed towards each other. With the NATO, G7 and EU meetings out of the way, expect tailwinds to accelerate further as the Nasdaq, to which cryptocurrencies are correlated, is on the cusp of booking a winning streak before the weekend. This sentiment change will help XRP price breakout towards $0.90 with the 200-day Simple Moving Average (SMA) just above.
XRP price has momentum building for a bullish breakout
XRP price already looked ready for a breakout on Thursday, but the tail risk of Biden being in Europe for several meetings around Ukraine weighed on bull’s appetite to perform. Instead, XRP price is continuing its consolidation with lower highs and higher lows as buyers and sellers are pushed towards each other. It is just a matter of time before a breakout happens, and expect that to be in the form of a rally as global markets, particularly the Nasdaq, are on a winning streak that should provide additional support to XRP.
Ripple price will face first $0.8791 on its breakout, a historic pivotal level that goes back to the end of November. It bears specific importance as on previous occasions, the candles have either broken through it quite clearly, or each time only the wick of the candle made it through, but the actual body of the candle was unable to either close or open above or below it. From there, the jump to make is not that far anymore towards $0.90, with the 200-day SMA just above at $0.9090.
XRP/USD daily chart
As markets are set to go into the weekend with no fundamental outlook on a truce or ceasefire in Ukraine, traders will still be on edge in case Putin decides to use nuclear weapons. That would mean a drop back towards $0.7843 with a flight to safe havens, and risk assets being thrown out of the portfolios. If the drop gains speed, expect the 55-day SMA with the monthly pivot intersecting at $0.76 to provide double support that could catch any dips.
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
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
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.