- XRP price pops 1% after spokesperson says Ukraine is ready to talk about conceding Donbass to preserve peace in Ukraine.
- Ripple price already topped 2% intraday but got a rejection from a historic pivotal level.
- Expect more gains as the magic $1-level has been put back on the table.
Ripple (XRP) price sees a bullish continuation helped by another round of tailwinds that are supporting the positive spin coming from the equity space. With cryptocurrencies on the front foot, the long-awaited uptrend for 2022 finally seems to have kickstarted after a few geopolitical constraints. Expect to see a further bullish rally with $1 as a price target in the near term.
XRP price set to pop 15%
XRP price saw a bullish handover from the Sunday session into the ASIA PAC on Monday morning with a flat top on the close from Sunday. This points to a very bullish signal as investors and market participants were in the market to buy at any price available. With this vast demand, ASIA PAC already printed some excellent figures, with $0.8784 to the upside – almost exactly against $0.8791, a pivotal history level.
Ripple price unfortunately then saw a rejection unfold that is now pushing price action back below +2% gains for today. Bulls shouldn’t get discouraged, however, as the European session will probably trade a bit sideways. The US session will probably prove to be the catalyst that pushes the price above $0.8791 as at that level, the most significant volume will weigh in on bears trying to defend $0.8791, but they will eventually get squeezed out. Today, $0.90 will be the halting point as the 200-day Simple Moving Average will weigh and form a price cap before hitting $1 later this week.
XRP/USD daily chart
As the comments triggered this rally came from, only one said it is wait-and-see how Russia will react to the proposed concessions. The risk is that, yet again Russia will remains silent and does not concede to anything and will want to keep every area and capital it has under control. That would mean a setback to the peace talks and would see price action in XRP plie back to $0.8390 in a first phase and continue down to $0.7843, which would mean an 8% correction to the downside.
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.