- Ripple price pops over 3% higher during Wednesday's ASIA PAC trading session.
- XRP jumps higher as investors buy into risk assets again after US Fed Chair Powell remains silent.
- Expect some fierce resistance to come with a few big technical hurdles nearby before booking 20% gains.
Ripple (XRP) price has jumped over 3% early Wednesday as bulls pierce through the monthly pivot level at $0.36. This comes after a very nervous trading day on Tuesday in the US session as traders were a bit puzzled about what to do with US Federal Reserve Chair Powell refraining from commenting on the US rate situation during a symposium at the Riksbank in Sweden. Deep into the US trading session, traders shrugged off the nervousness and added more risk assets into their positions, triggering sharp jumps and rallies in equities and cryptocurrencies.
Ripple traders dreaming of 20% in just one month
Ripple price thus shot through the monthly pivot level and immediately received a firm rejection during the European trading session on Wednesday against the 55-day Simple Moving Average (SMA). It even counts as a double top at the pivotal historical level of $0.37 nearby and could trigger a fade and some profit-taking among bulls. Keep in mind for now to only add more risk either on the lower end of the rally or on the breakout rather than against those two technical caps.
XRP could be stalling around this level, and traders could await a catalyst that pushes price action through and above this technical cap at $0.3710. The perfect candidate for that are Thursday’s US inflation numbers. If those decline more than expected, bulls will be able to rip right through that level and hit the 200-day SMA at $0.39, intersecting with the monthly R1 and thus making it a double cap again. Ideally, a similar pattern could be underway as XRP price action is currently making gains and could see XRP hit $0.4228 by the end of January.
XRP/USD daily chart
The event risk at hand once again involves a likely binary reaction to the US CPI data coming out Thursday. This means that should inflation come out in line or even higher than expected, a quick sell-off would occur as traders scramble to take their profits and run to the hills. Expect then to quickly see XRP drop toward $0.34 or even $0.30 before being scooped up again around these support areas.
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