Ripple Price Prediction: XRP guaranteed for fourth weekly positive close, but profit target is too far


  • 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

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


Recommended Content

Editors’ Picks

Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders and small wallet holders reduce their holdings amidst fear of a steeper correction in the largest cryptocurrency by market capitalization. BTC price consolidates below the $100,000 level on Thursday, erasing less than 2% of its value on the day. 

More Bitcoin News
US states push for Bitcoin reserves, could buy $23B in BTC

US states push for Bitcoin reserves, could buy $23B in BTC

A total of 20 US states are pushing for Bitcoin Reserves, with some proposals already moving forward. If these bills pass, they would require $23 billion in Bitcoin purchases, creating significant demand.

More Bitcoin News
Ripple's XRP eyes a recovery as investors switch toward accumulation

Ripple's XRP eyes a recovery as investors switch toward accumulation

XRP investors have been accumulating following an uptrend in the Mean Coin Age metric. However, the XRP derivatives market is yet to recover from a 30% open interest decline in the past week.

More Ripple News
Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum could see a boost as Cboe files for 21Shares to begin staking within its ETH ETF

Ethereum (ETH) could be set for increased demand in the coming months following Cboe BZX 19b-4 filing with the Securities & Exchange Commission (SEC) to enable staking for the 21Shares Core Ethereum exchange-traded fund (ETF).

More Ethereum News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP