- Ripple price sees trading conditions improving substantially.
- XRP rides a wave of positive elements that provide several tailwinds.
- Expect to see $0.37 by the end of this week with the 200-day SMA up for grabs next week.
Ripple (XRP) price pumps higher with over 1% of profits intraday as a new high for 2023 sits nearby. Bulls see the trading conditions improve as both the VIX and the Dollar Index (DXY) are backing off further. Interest rates are off their highs in terms of yields as markets start to focus on the pivot level of the US Federal Reserve. Several data points from the past Friday confirm that more upside potential for risk assets is in the cards for the coming days and weeks.
Ripple price set to pump 7% in one week
Ripple price jumps intraday on this first official trading week of 2023 as several trading desks are now fully staffed and plenty of banks and funds are projecting their forecasts for 2023. With still a big bag of tail risks, trading conditions are improving as markets see rates, the US Dollar and the VIX come off their more elevated levels from 2022.
XRP price already has flirted with a new high for 2023 as $0.3553 gets tested. As the US session starts on Monday, several assets are taking a step back from the highs in the risk asset group. If this risk-on sentiment continues and receives more support from a weaker inflation number on Thursday, XRP could be seen hitting $ 0.3710 by the end of this week.
XRP/USD daily chart
Risk to the downside comes with US Federal Reserve chairman Powell speaking on Tuesday in Sweden. On past occasions, the US Fed Chair has always pushed back against market optimism. That could be seen as a cold shower, bringing XRP price back toward $0.33 at the lowest price action since November.
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
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.