• 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

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Luna Classic: 10% drop then a market reversal

Luna Classic: 10% drop then a market reversal

Terra's Luna Classic price has been trading range bound for over a week. The consolidating range has produced higher highs and higher lows following each change of trend. A breach of $0.0001690 would invalidate the bearish triangle thesis.

More Luna Classic news

Shiba Inu price shows long-term investors are still buying, is a market bottom near?

Shiba Inu price shows long-term investors are still buying, is a market bottom near?

Shiba Inu price has investors honing in as the monthly settle may provide context for SHIB's future price action. The bears are clearly in control of the trend, but there are subtle signs of bullishness that should be investigated.                                              

More Shiba Inu news

Will Coinbase halting support for Ripple from its wallet result in a 16% crash in XRP price?

Will Coinbase halting support for Ripple from its wallet result in a 16% crash in XRP price?

Coinbase’s decision to halt the support came from the lack of demand, which is a step up for the crypto market. This is because every negative development in the last few weeks in space has been caused by FTX’s collapse. 

More Ripple news

Top 3 Price Prediction: The monthly settle defines the next move

Top 3 Price Prediction: The monthly settle defines the next move

Bitcoin price currently auctions at $16,419 as the bulls and bears are sparring over the mid $16,000 level on smaller time frames. During the last weekend of November, the BTC price witnessed a 3% decline.

More Bitcoin news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP