XRP Price Prediction: Ripple price ready to breakout
- XRP price is still stuck in a consolidation phase with lower highs and higher lows.
- Ripple price still favouring tailwinds with Nasdaq set for a winning streak.
- Expect global risk-on to push XRP price to the upside, targeting a technical cap at $0.90.
Ripple (XRP) price is stuck in an ongoing consolidation where both buyers and sellers are pushed towards each other. With the NATO, G7 and EU meetings out of the way, expect tailwinds to accelerate further as the Nasdaq, to which cryptocurrencies are correlated, is on the cusp of booking a winning streak before the weekend. This sentiment change will help XRP price breakout towards $0.90 with the 200-day Simple Moving Average (SMA) just above.
XRP price has momentum building for a bullish breakout
XRP price already looked ready for a breakout on Thursday, but the tail risk of Biden being in Europe for several meetings around Ukraine weighed on bull’s appetite to perform. Instead, XRP price is continuing its consolidation with lower highs and higher lows as buyers and sellers are pushed towards each other. It is just a matter of time before a breakout happens, and expect that to be in the form of a rally as global markets, particularly the Nasdaq, are on a winning streak that should provide additional support to XRP.
Ripple price will face first $0.8791 on its breakout, a historic pivotal level that goes back to the end of November. It bears specific importance as on previous occasions, the candles have either broken through it quite clearly, or each time only the wick of the candle made it through, but the actual body of the candle was unable to either close or open above or below it. From there, the jump to make is not that far anymore towards $0.90, with the 200-day SMA just above at $0.9090.
XRP/USD daily chart
As markets are set to go into the weekend with no fundamental outlook on a truce or ceasefire in Ukraine, traders will still be on edge in case Putin decides to use nuclear weapons. That would mean a drop back towards $0.7843 with a flight to safe havens, and risk assets being thrown out of the portfolios. If the drop gains speed, expect the 55-day SMA with the monthly pivot intersecting at $0.76 to provide double support that could catch any dips.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
