• Ripple price is set to trade back above $0.50 as sentiment shifts in favour of bulls.
  • XRP price is on a trajectory to rally at least 20%.
  • Expect to see a continuous influx of investors and fresh cash into the price action for the rest of the summer.

Ripple price is set to get back in competition with the majors like Ethereum and Bitcoin, as cryptocurrencies looked immune to the Snapchat earnings warning issued late last night. Where equities are on the back foot this morning, XRP price looks disconnected from the correlation and instead appears to be displaying bullish signs to the market in what looks like a classic pennant breakout with plenty of tailwinds behind it. Expect to see XRP price tick $0.48 and possibly stretch to $0.50, booking gains of 20%.

XRP is set to rally where Bitcoin drops the ball

Ripple price is set to book its best week for 2022 as price action is showing signs of a turnaround now bulls are starting to crowd the trade. Inevitably, a breakout will kick in once the pennant formation has completed. With the bullish inflow and demand rising, expect to see that happen anytime soon. 

XRP price will trade above $0.4228 after the pennant breaks out, and since that level has been broken many times before, it will not hold much importance. Instead $0.48, is more key with the monthly S1 just above forming a heavy cap refraining bulls from making further gains. Expect to see a short fade and profit-taking against that level, but price action to be contained as bulls stay in for the longer term, making it difficult for bears to short XRP price. A daily close above $0.48 will be crucial going forward, as once the level is tested for support, the rally will slice like a knife through butter straight towards $0.50, at least, and possibly a more extended term rally towards $0.62.

XRP/USD daily chart

XRP/USD daily chart

Inflation is a crucial theme for 2022, as central banks, businesses, and everyday people feel it hit their pockets. With less expendable funds the risk is that less money flows into cryptocurrencies, which could trigger a lack of investors to support the price action in XRP and other major cryptocurrencies. Expect on the back of that, a constant revaluation to the downside, setting $0.30 back as the next price target in the rebalancing. 


 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price edges close to a 60% breakout as bears watch in disbelief

Shiba Inu price has managed to stay above the POC at $0.0000118, indicating support from bulls. A continuation of this momentum could trigger a 60% rally to $0.0000200. A daily candlestick close below the $0.0000106 support level will invalidate the bullish thesis for SHIB.

More Shiba Inu news

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price attempts a 15% rally on Ripple’s interest in buying Celsius' assets

XRP price shows a willingness to move above a significant resistance level, which it has attempted to do so for the past three months and failed each time. While this attempt is like any other and could fail, especially if the momentum is lacking. 

More Ripple news

Avalanche price makes a turn for the better

Avalanche price makes a turn for the better

Avalanche price shows classic ramping pattern accompanied with price ascension. AVAX price has breached the oversold level on the Relative Strength Index. If the technicals are correct, a breach of the $50 barrier could happen rapidly.

More Avalanche news

Binance Coin Price Prediction: Whales take naps at the shore

Binance Coin Price Prediction: Whales take naps at the shore

Binance coin shows reasons to believe in a market bottom. Traders should keep the smart contract giant on their watchlists throughout the summer. Binance coin price is beginning to show evidence of strength.

More Bitcoin news

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis

BTC

ETH

XRP