|

Ripple price hangs on its last straw to get that Christmas punch and hit $0.48

  • Ripple price closed back above the 200-day SMA after equities triggered a turnaround.
  • XRP traders will be on edge today as US PPI numbers will be crucial for the last three weeks of 2022.
  • Should PPI drop substantially lower than last month, expect a jump of 6% on Friday afternoon.

Ripple price will be very muted Friday morning as traders are bracing to take or leave the last chance to get this Christmas rally underway. With the US Producer Price Index (PPI) coming out Friday afternoon, global markets will look for indications that prices in the US are coming further down, opening up room for the Fed to become less aggressive. This would revalue several asset classes higher than where they are currently valued, translating to XRP price producing a 7% gain in one trading day with $0.4228 as the profit target.

XRP in make-or-break mode 

Ripple price got a surprise tailwind from US equities on Thursday, where the European session could not tie up with gains. US equities rallied firmly higher overnight following comments from Treasury Secretary Janet Yellen fired up markets after she confirmed inflation is coming down and a recession could be avoided in the US. Analyst consensus for this afternoon is a lower PPI number this afternoon, which would confirm that view from Janet Yellen and see markets front-running the inflation number .

XRP price is currently supported with the 200-day Simple Moving Average (SMA) at $0.3896 and is still holding for now. Expect not to see any big moves until this afternoon around 14:30 CET (8:30am EST), when the PPI number comes out. Depending on the decline of the PPI, expect to see a jump to the 55-day SMA at $0.42, and bulls may test that higher level from mid-November before springing toward $0.48 in the coming weeks.

 XRP/USD daily chart

 XRP/USD daily chart

Risk comes with a buy-the-rumor-sell-the-fact element as markets are already following and have been pricing in the view of analysts that see the PPI number lower. A number in line or a slightly higher number could break the sentiment and trigger a sell-off on the disappointment. The 200-day SMA would lose its support and see the price breaking down to $0.3710, possibly dipping even briefly to $0.36.

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Editor's Picks

Hyperliquid Price Forecast: Downside risk looms as momentum stretches thin

Hyperliquid price is trading in the red on Monday, stalling after 10% gains last week. HYPE-focused Exchange Traded Funds recorded their fifth consecutive weekly inflows, projecting steady institutional demand. The technical outlook for HYPE warns of potential downside risk as bullish momentum stretches thin.

Cardano Price Forecast: Strengthening momentum points to cautious upside extension

Cardano trades around $0.222 on Monday after rallying over 15% last week. Mixed derivatives data and mildly bullish on-chain metrics point to cautious market sentiment. Meanwhile, strengthening momentum indicators suggest ADA could see further gains if the recovery continues.

Crypto Overview: Bitcoin faces sell wall at $82,850 – Jupiter, Zcash rally

Bitcoin price tumbles below $80,000 on Monday amid improved odds of a rate hike with the robust US employment data. Institutional demand holds firm with crypto-focused Exchange Traded Funds recording nearly $1.25 billion in inflows last week. Jupiter and Zcash extend gains over the last 24 hours, leading the broader crypto market rally.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC consolidates near recent highs, ETH and XRP defend key bullish supports
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) maintain a constructive outlook on Monday after gaining more than 3.4%, 4% and 4.8%, respectively, last week. BTC holds steady near $80,000 while ETH and XRP show resilience and defend key support zones. The price action of these top three cryptocurrencies suggests consolidation or a mild pullback before an upside move.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.