• XRP price jumped this morning above a key-level and is set to attack the next important area.
  • Ripple surges on a wave of positive news from the FED as investors return to equity markets to place their bets.
  • Expect to see some struggle around $0.9158, with the 200-day SMA, and a break out from there to $1 in the coming weeks.

Ripple (XRP) price sees bulls on the rampage after having crushed two significant levels in the past 48 hours. XRP price looks set to jump another 5% intraday and could close above $0.8791. It will only take 4% to test and break above the 200-day Simple Moving Average (SMA) and be prepositioned to pop towards $1.00 in the coming weeks.

XRP price set to book its biggest gain since mid-February

XRP price is set to pull another massive rally like it did at the beginning of February, but a little less impressive in size. First, draw your attention to the entry-level on Monday that saw bulls getting in on the trade even before XRP price could touch the barrier level at $0.7843. Instead, bulls pushed Ripple prices further upwards, trying to close above $0.8390. In the end they closed right on the level. 

XPR price was thus set for another leg higher this morning, although bears tried to use the opening price as an entry-level to defend their stops lying above. That plan failed in early morning trading as bears got washed out, and bulls are set to push Ripple price towards $0.8791. Another daily close above would set the battle plan for two tiers, with the 200-day SMA at $0.9158 as the first big hurdle and the next at the all-important $1.00, which has not been touched in 2022.

XRP/USD daily chart

XRP/USD daily chart

XRP price could see the current tailwinds fade as quickly as they came should Russia, for example, default on its obligation to make the coupon payments to foreign investors. Defaulting on the debt would bring the country to the brink of collapse and further deteriorate the inland situation. That would push markets back into risk-off mode, with Ripple price dropping to support at $0.7843 or even $0.7304.

 

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

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

Bitcoin Weekly Forecast: 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.

More Bitcoin News

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic Price Forecast: Do not count on large recovery for ETC in Q1, Q2 of 2023

Ethereum Classic (ETC) saw the headwinds that triggered the massive sell-off of 2022 fade a bit to the background in the first weeks of 2023. That resulted in bulls returning to life after a hibernation of almost five consecutive straight months.

More Ethereum Classic News

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple will win the legal battle with US SEC in the Supreme Court: John Deaton

Ripple, the cross-border remittance giant is likely to win its legal battle against US financial regulator, the Securities and Exchange Commission (SEC) according to crypto proponent John Deaton.

More Ripple News

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

The real reason why Shiba Inu diamond hands refuse to sell despite 40.6% SHIB price rally

Shiba Inu holders who acquired SHIB more than 11 months ago are holding onto their tokens. These holders have refrained from selling their SHIB holdings since December 2021.

More Shiba Inu 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