- Ripple price prints over 6% gains on Monday intraday trading.
- XRP pops above the crucial, pivotal level for the first time since November 2022.
- If bulls can consolidate this level, another advance of roughly 15% looks granted toward $0.48.
Ripple (XRP) price is starting the new week with a big bang as the top three cryptos all pop in a synchronised move higher. Crypto bulls are using a window of opportunity as the economic calendar this week is rather light, and the Fed policymakers are in their blackout period that precedes the first US Fed rate decision in February. With markets on the front foot, traders are enjoying some tailwinds emerging and headwinds waning a bit.
Ripple price has the wind in its sails
Ripple price did not enjoy the weekend as a big risk hung over price action as XRP seemed unable to trade away from the 200-day Simple Moving Average (SMA). As the dust settled over the weekend, traders used the momentum to increase price action. With bullish momentum, bulls have stormed through the $0.4228 wall and are running price action even higher to consolidate above it safely.
XRP thus needs to do one thing: making sure that the daily close this evening is above that pivotal level. Once that level is turned into support, expect another jump higher alongside the pivotal handles for this month, with the R2 at $0.4375 and R3 at $0.4650. The ultimate target for this week is $0.4800, bearing 15% of gains to the trading book.
XRP/USD daily chart
The big risk for a correction must be underlined, though, as the Relative Strength Index (RSI) is set to break above the overbought barrier. As remaining bulls will want to drive price action further up, some pure technical profit-taking will happen more rapidly now as upside potential looks rather limited from this barometer. A cool-down back to $0.3890 would be good to find support and let the rally open up for new cash and bulls, which means that a pullback below $0.4228, turning into a false break is inevitable.
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.
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.