- Ripple price opens and is set to close the week above the 200-day SMA.
- XRP price sees bulls still raking in one technical level after another.
- The profit target for this quarter is still too far away, with headwinds shortly.
Ripple (XRP) price is set to gain ground above the 200-day Simple Moving Average (SMA) in a repetition pattern as seen last week and the week before, where bulls were able to each time consolidate above a critical pivotal or technical level. Bulls have had an easy play, but headwinds are nearby, with central banks kicking off their first central bank meeting for the year. While the profit target for the first quarter is set at $0.49, seeing the headwinds to emerge next week, that might be too farfetched.
Ripple price will see bulls disappointed in the coming weeks
Ripple price repeats the same playbook strategy as it did with the previous four weeks of profits. Each time bulls can gain control of an important area above a key technical level or key area. Although this is a very solid and well-controlled strategy, the issue is that the next profit target is the target foreseen for Q1 and has no handles between now and $0.49, which makes it too far and impossible to be reached in time.
XRP price is thus at risk of collapsing like a house of cards in an attempt to go for that $0.49. With the U.S. Federal Reserve and its chairman Jerome Powell coming out at the beginning of next week, the bullish mood could be dampened as central bankers are set to pour cold water on that same sentiment. Expect to see the support levels of the 200-day SMA and the 55-day SMA be tested before $0.3616 needs to step in to make sure that the rally does not fade too much.
XRP/USD weekly chart
A positive surprise could be that Jerome Powell changes his stance and returns to the dove he has always been. That means that the Federal Reserve does not see inflation staying steady or at risk of rising again. Should Powell even say that inflation is declining rapidly, XRP price would be seen spiking higher and reach that $0.49, jumping over 20% in value.
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
How XRP whales are preparing for Ripple win against SEC

Ripple has garnered support from several experts and influencers on crypto Twitter in its legal battle with the US financial regulator, the Securities and Exchange Commission (SEC). Messari CEO Ryan Selkis expressed his support for the payment giant in a recent tweet.
Arbitrum airdrop flops, but ARB still makes it to a commendable all-time high. Here’s what happened

The token launch for Arbitrum was quite bumpy, to say the least after users could not claim their airdrop tokens for the first one hour post-launch. The turn of events was very disappointing, given that users had been waiting for a week for the highly-advertised ARB airdrop.
Do Kwon faces fraud charges in New York, LUNA price recovers from 9% crash

Terraform Labs co-founder Do Kwon is set to face more charges in the United States in addition to the ones that already exist against him. The arrest of the former Chief Executive Officer (CEO) of Terra will finally allow the fraud proceedings to begin.
Coinbase CEO calls for action in electing pro-crypto lawmakers following SEC Wells notice

Brian Armstrong urged crypto proponents to “contact their congressman, donate to pro-crypto candidates, show up at town halls” in an effort to achieve clear rules for crypto. The CEO of United States-based cryptocurrency exchange Coinbase, has renewed calls for crypto users to “elect pro-crypto candidates.”
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.