• Ripple price gets firm rejection this week against the technical indicator level.
  • XRP price slips back below the red descending trend line.
  • XRP sees bears mounting momentum to push the price back to $0.50.

Ripple (XRP) price is an outlier against most other major cryptocurrencies as the pair is not in the possibility to gain on dollar weakness and favorable tailwinds underpinning price action in cryptocurrencies overall. XRP price looks to be hanging by a thread and looks set to tank a massive 35% next week. With the Relative Strength Index (RSI) just below 50, bears have the RSI in their favor for more downside to come.

XRP price needs a cure to get its act back together

Ripple price is this week, thus not going along the bullish playbook that is applicable for most other cryptocurrencies. Although more tail risks are being defused or diminishing, and the created room gets filled with tailwinds, XRP can not bank on it. Instead, price action looks very heavy as bulls get rejected this week from breaking above the 55-day Simple Moving Average (SMA) at $0.7823. 

XRP price gets plagued by the choppiness that goes along with earnings season, and the more growing hawkish comments from FED officials are scaring XRP price investors for more rate hikes to come, thus limiting any upside for now in the Ripple coins. Expect to see a further drop into next week with XRP price looking for support near $0.6232, the low of March. If that does not hold, expect to see a slide further towards $0.50, where bulls usually should be interested in picking up some price action for a fade-in trade, and by then, the RSI will have breached the oversold area.

XRP/USD weekly chart

XRP/USD weekly chart

Should bulls come storming out of the gates and hit every offer possible in risk assets on Monday, expect a 180 turnaround in XRP price with a quick retest against that 55-day SMA. Once above, the road is open for a quick jump of 12% to the 200-day SMA at 0.8743. If that breaks, expect the 55-day SMA to be dragged along, and XRP could finally get out of the death cross that keeps XRP price in bearish mode.

 


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

Recommended content


Recommended Content

Editors’ Picks

Here are the best and worst-performing cryptocurrencies in H1 2024

Here are the best and worst-performing cryptocurrencies in H1 2024

A recent report by Crypto Koryo on Wednesday revealed meme coins as the top performers among cryptocurrencies so far in 2024, with several altcoins coming in behind. The worst-performing tokens are DeFi and governance tokens.

More Cryptocurrencies News

Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft

Ethereum poised to follow Nvidia's steps as Bitwise files updated S-1 draft

Ethereum (ETH) is down 3% on Wednesday following Bitwise filing an updated S-1 draft and a wider market downturn with potential Mt. Gox BTC supply flooding the market. 

More Ethereum News

What to expect from altcoins as ETH ETF approval draws closer

What to expect from altcoins as ETH ETF approval draws closer

As the crypto market continues consolidating on Wednesday, altcoins show mixed signals ahead of the spot ETH ETF launch. Many have predicted that the alt season may not occur in this cycle following the market lull. However, two key metrics suggest otherwise.

More Cryptocurrencies News

PolitiFi meme coins surge as Biden support lowers

PolitiFi meme coins surge as Biden support lowers

Crypto prediction markets favor Kamala Harris over President Joe Biden as Democratic nominee in upcoming presidential elections. Meme coins based on Vice President Harris rallied amid BODEN token's 30% decline. Other tokens based on possible replacements for Biden experienced similar surges.

More Cryptocurrencies News

Bitcoin: BTC price correction could end in July, according to seasonal data

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.

Read full analysis

BTC

ETH

XRP