• Ripple price action trades in a tight range against last week's volatile session.
  • XRP could be seen rallying if more investors cherry-pick the cryptocurrency. 
  • Traders try to stay in their positions to avoid falling below key hurdles.

Ripple (XRP) price is seeing bulls sticking to their guns after adventurous bulls came in and bought the dip near the low of the current low of November last week. Although XRP recovered a bit at the beginning of this week, as more headlines came out on the aftermath of FTX, the polish missile impact was the key trigger that flipped price action to the downside and bruised the bullish recovery sentiment. Expect to see some lacklustre move into the weekend, with price action contained either way by a firm cap and floor.

XRP could go either way, depending if the market makes up its mind

Ripple price is holding its gains for the week in a very challenging week where quite a lot of bearish sparks were going against the attempt of bulls to recover at least a chunk of the incurred losses from last week. Unfortunately, bulls could not push price action above that 200-day Simple Moving Average at $0.3973 and saw it being respected as a cap. To the downside, bulls were keen to get in even a few cents before the bounce off the red descending trend line at $0.3212.

XRP, thus, is one of the more bullish outliers in the cryptocurrency space as several other cryptocurrencies and alt currencies are bleeding heavily. The bruised confidence makes it ideal for traders to cherry-pick the ones holding the best cards. XRP could be seen as the best crop pick, with massive cash allocated toward it, due for a break above the 200-day SMA and a target of $0.4974 to the upside by the end of next week.

XRP/USD weekly chart

XRP/USD weekly chart

Risk to the downside is being held by the technical rejection on the top side against that 200-day SMA, as it could trigger another leg lower in the coming week. That would go hand in hand with markets being rattled again by some geopolitical triggers. As Russia remains bombing Ukrainian energy installations and gas supplies, it is not unthinkable that more rockets land in Poland as collateral damage from Ukraine's defenses. The question will be when NATO perceives this as 'enough is enough and calls on any chapters that would activate military retaliation.

That would be a big bearish trigger and push XRP to the downside. First up would be a push against the red descending trend line near $0.3000. Once XRP enters that area again, expect a test at $0.2875 before now lows for November will be printed. Certainly, that $0.2500 looks to be a good candidate to catch our trigger a bounce off.

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

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Optimism (OP), MAGIC (MAGIC) and Stargate Finance (STG) are the top gainers in the last 24 hours. The rally of these altcoins can be attributed to the volatility generated by the interest rate decision and the Fed’s policy meeting that took place on Wednesday. 

More Crypto News

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Bitcoin price plunged to its weekly low of $22,862 earlier today, as traders awaited the US Federal Reserve’s rate hike decision. BTC has traded sideways in the 24-hours preceding the rate hike announcement.

More Bitcoin News

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price has been treading steadily upward, recovering the losses it endured over the last few months. The uptrend with ADA potentially heading toward $0.45 might differ.

More Cardano News

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin price shows subtle cues to suggest that a downtrend move could occur. The possibility of a liquidation event should not be ruled out moving forward.

More ApeCoin News

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin: If bulls are back, this is where you can accumulate BTC next

Bitcoin price shows a lack of momentum after an explosive move in the last three weeks. The fourth week has been relatively silent, without a lot of volatile moves. While BTC consolidates, other altcoins are rallying left and right, providing massive gains.

Read full analysis

BTC

ETH

XRP