- Ripple price action sees bulls trying a final bounce off the monthly S1 from August.
- XRP price rather set to close in nomads land as bearish elements stay untouched.
- Expect to see more downturns to come as the bear cycle starts to catch a second breath.
Ripple (XRP) price is set to tank substantially lower in the coming weeks as price action sees bulls trying to make a fist against the bear cycle. Although courageous, it does not seem to be going anywhere, and it offers bears a window of opportunity to add more short positions. Expect a full paring back of the rally from June and price action to tick back at $0.2875 in the coming two or three weeks.
XRP price set to drop 14%
Ripple price sees bulls trying to perform a bounce off the monthly S1 support from August that looks to be turning into a short-term success as the close of Sunday nears. Unfortunately, bulls have not played this very well, and XRP price action is at risk of closing in nomads land, nowhere near any important hurdles or levels that could see a follow-through into next week. Should markets open on the back foot on Monday morning in the ASIA PAC session, the rally from this week could easily be beheaded and see a full paring back of the current gains.
XRP price at risk of slipping a leg lower towards the new S1 for September near $0.3. From there already, most of the rally since June will have evaporated into thin air. Only a few percentages to hit that $0.2875 and having performed a swing trade back to its origin as the bear cycle remains in place with the red descending trend line and the 55-day Simple Moving Average as nearby and short-term caps.
XRP/USD Weekly chart
The only thing that could salvage this bullish signal is some outside help. That means that global markets would need to come in and save the day, with investors buying in large sizes risk assets like equities and cryptocurrencies. For that, look for equity markets to be on the front foot, preferably Nasdaq up multiple percentages for the trading day and by this creating a tailwind for cryptocurrencies, to see XRP price rally towards $0.3616.
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
MANTA suffers 4% pullback after unlocking tokens worth $40 million
Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks.
XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says
The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30.
Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction
Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000.
If Bitcoin restarts bull run, these altcoins are likely to explode Premium
If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.