• Ripple price performs  a nosedive, which gets caught by technical levels.
  • XRP price sees a new trading month starting with the monthly pivot showing its importance.
  • Expect a small weekly gain as XRP is set to recover partially from its drop on Thursday.

Ripple (XRP) price made a nosedive move on Thursday as bearish pressure started to weigh in further after news and reports that the breakthrough on Tuesday in peace talks seemed to be just a drop on a hot plate as Russia did not unwind or ease its attacks on certain key cities in Ukraine. Investor sentiment wobbled even further as inflation risk is back on the agenda, and the nonfarm payrolls report later today will be the main event before going into the weekend. Expect to see a bounce off the new monthly pivot toward $0.85 in its recovery path from the bear slap yesterday.

XRP price saw a nosedive caught by technical support

Ripple price underwent a Chris Rock - Will Smith moment as bears came in and slapped price action back below $0.80. Investors saw pressure mounting to the downside as it became clear that the relief sigh from Tuesday was not materializing in the field. Investors were quick to book profits, which triggered this fast-falling knife action. 

XRP price got caught at $0.7843 and the 55-day Simple Moving Average (SMA), which are two technical levels proving their importance yet again. Expect XRP price to claw back today, with the new monthly pivot at $0.8080 already doing its duty by offering a bounce   from XRP price toward $0.8390. Going into the weekend, expect a daily close above $0.8390, and in this way already prepositioning for next week another test on the 200-day SMA at $0.9000.

XRP/USD  daily chart

XRP/USD  daily chart

The risk of a continuation to the downside could come from the nonfarm payrolls later today, where the inflation tail risk could set the tone again if wages increase, expendable income diminishes and labor markets get even tighter. That would readjust the current rate path expectations for the FED and could see bond prices drop (yields higher), which will trigger a correction in equities and, in its turn, spill over to cryptocurrencies. When that happens, expect a test back to $0.7843 and a breach below $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 price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price all but confirms a bearish breakout amid opposing on-chain metrics

Bitcoin price shows a confluence of bearish developments that suggests an incoming downtrend. This development could halt the bullish outlook seen in Ethereum and other related altcoins. Bitcoin price is in a classic Wyckoff Distribution Phase.

More Bitcoin news

Chainlink Price Prediction: The good, the bad and the ugly of this LINK top reversal pattern

Chainlink Price Prediction: The good, the bad and the ugly of this LINK top reversal pattern

Chainlink price shows an interesting setup that could result in a steep correction and an eventual undoing of the gains. While the former scenario is plausible, the latter is a worst-case outlook and has relatively less chance of manifesting.

More ChainLink news

Crypto Sleeping Giants: Enjin Coin Price - A 3000% rally by 2023

Crypto Sleeping Giants: Enjin Coin Price - A 3000% rally by 2023

Enjin coin price could become a crypto outperformer in the next bullrun. Key levels have been identified. The Enjin token, an Ethereum based gaming token witnessed a 14,000% rise between March 2020 lows at $0.03 and the 2021 highs at $4.85.

More Enjin Coin news

​​​​​​​​​​​​​​Got It! This Shiba Inu price trade worked out perfectly, here's what could happen next

​​​​​​​​​​​​​​Got It! This Shiba Inu price trade worked out perfectly, here's what could happen next

Shiba Inu price tags the intended $0.00001550 target. Shiba Inu price has recently rallied an impressive 35% in just one day. Throughout the summer, the outlook has been maintained at a short-term bullish stance with targets in the $0.00001400 -0.00001550 area.

More Shiba Inu 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