- Ripple price set to print a new low as markets preposition for more risk-off.
- XRP price is set to be one of the victims for another batch of dollar strength that is about to kick in.
- New lows are also possible if bulls take a step back, with XRP price set to print $0.30.
Ripple (XRP) price is set to possibly print a new low by or over the weekend as another batch of dollar strength roils markets and makes every risk asset slip to the downside. With cryptocurrencies in the forefront of these headwinds, interest and buying power could wind down, opening room for bears to go in for the kill and possibly trigger new lows for 2022, erasing the small incurred gains from May and June in the process. Expect to see bulls squashed like flies against the wall and finally squeezed out of their positions around $0.37 before price drops like a stone some 18% towards $0.30.
XRP price set to drop like a stone
Ripple price is set to tank on the back of a chain of events sparked by the lacklustre ECB meeting where Lagarde missed the mark and disappointed the markets by committing to the smallest number of rate hikes possible, while globally, other central banks are massively ramping up their rates to cool inflation. The considerable systemic risk caused has sparked a massive flood of dollar strength that has rolled through markets and led investors to flee cryptocurrencies. That said, the dollar’s strength has not fully filtered through yet into all cryptocurrencies, with XRP price still set for a delayed correction.
XRP price is set to drop towards $0.37 first, which was the baseline low for most of May and June. Expect that level to hold some support but break nonetheless. A penetration below would open up quite a chunky area to the downside, with only $0.30 as the nearest support level. Translated into percentages, that would mean a 17% loss from $0.37 to $0.30 or 25% from where XRP price is currently trading.
XRP/USD daily chart
Alternatively, as XPR price is still currently trading between $0.37 and $0.42, a break to the upside is still possible this week, and a few cryptocurrencies have shown a dislocation from the current dollar value. This could be quite positive for cryptocurrencies such as Ripple price and result in a rally as one possible scenario even while equities are tanking. The target to the upside is set to $0.48, just above the monthly pivot.
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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.