- Ripple price prints a staggering performance this week.
- XRP has a stellar performance for March with 60% gain in the books.
- Expect to see some substantial fades under profit-taking pressure with opportunities to get in again
Ripple (XRP) price is jumping higher on several positive headlines as the Securities & Exchange Commission (SEC) is close to losing its lawsuit against Ripple. After the Commodity Futures Trading Commission (CFTC) stepped in and marked several cryptocurrencies as a commodity that falls under the supervision of that same CFTC, the SEC is set to be simply overruled on its jurisdiction. This has unleashed a substantial rally for XRP price that could still add another leg higher and target $0.73 on the topside.
Ripple price could top that 100% price increase
Ripple price has been on a tear these past few days as not only this week but the whole month will end with a stellar performance. Chasing that rally now is a bit late and risky, although there are some levels to keep an eye on. Those levels offer a window of opportunity to get in again and sit tight for that slingshot up toward $0.73.
XRP already made a first test in search of support under the pressure of the fade near $0.5230. That level held very firmly in the ASIA PAC test early Thursday. Chances are big that by the US trading session, $0.5852 gets tested again for a breach to another high. In case $0.5231 does not hold, certainly $0.48 is a perfect candidate to buy the dip and still target that $0.73 on the upside.
XRP/USD 4H-chart
Experienced traders will be aware of a possible pump-and-dump as XRP price shows signs of a classic buy-the-rumour-sell-the-fact episode. Price action has already been advancing so much on the possible outcome that the final outcome itself can only be a disappointment with heavy selling as a result. Expect to see a quick paring back of gains and Ripple price action to quickly head back to $0.40 at a more moderate price level.
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
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.