- Ripple price hits a curb at the European open after negative comments from Moderna CEO.
- XRP price still respects the uptrend, but an increase in headwinds could see a short-term break to the downside.
- Expect bulls to defend $0.93 with the target at $1.05-$1.10 as the uptrend continues.
Ripple (XRP) price was on the back foot today as markets found themselves rattled by comments from the CEO of Moderna questioning the effectiveness of current vaccinations against Omicron. XPR price is currently finding support between the monthly pivot and the 55-day Simple Moving Average. Expect bulls to defend the uptrend and still target $1.05-$1.10 as the first profit target to the upside.
XRP bulls defending price from nosedive caused by global market concerns
XRP price saw bulls attempting to break above a red descending trend line that has not, in truth, been very well respected in the past with quite a few false breakouts but, nevertheless, does still hold some importance. There is the possibility a bull trap has formed, with buyers stepping in following the trend line break now getting trapped in a downside move, as bears use current headwinds as a catalyst to short XRP price.
Yet for now, at least, XRP price is still supported, with bulls putting up a defence between the monthly pivot at $0.93 and the 55-day Simple Moving Average (SMA) at $0.97. Also, the uptrend is still very much intact, and investors are using the current turn of events to further buy into Ripple coins. This is proven by the Relative Strength Index (RSI), which is not showing any signs of a bearish knee-jerk reaction and still broadly supported by buy-side action counterbalancing the selling pressure.
XRP/USD daily chart
Expect XRP price to remain under pressure today, and until investors can reassess the situation and see that the global economy can remain open without any significant hurdles. Risk on sentiment should come back in play late afternoon or tomorrow once the dust settles and see XRP running up again towards $1.05-$1.10, as the first port of call. Should more tailwinds start to emerge expect a further run-up to $1.25 even.
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
Bitcoin: Retraces to around $75,000 after hitting new all-time high
Bitcoin (BTC) edges slightly down on Thursday and trades at around $74,900 after hitting a new all-time high (ATH) of $76,400 on Wednesday, buoyed by the victory of the crypto-friendly candidate Donald Trump in the US presidential election.
Ethereum price jump spurs most significant ETF inflows in six weeks
After a positive momentum in crypto markets following the outcome of the US presidential election, spot Ether exchange-traded funds (ETFs) in the United States saw their highest inflows in six weeks.
Top trending meme coins PEPE, BONK, and FLOKI achieve double-digit gains following Trump’s victory
The prices of top trending meme coins Pepe (PEPE), Bonk (BONK) and FLOKI (FLOKI) experienced double-digit gains following Trump’s victory on Wednesday. The technical outlook suggests that the three meme coins hover around key levels, and the breakout could push these coins higher.
Coinbase’s Paul Grewal urges SEC to embrace change on crypto after Trump's victory
Paul Grewal, Coinbase's Chief Legal Officer, has asked the US Securities & Exchange Commission to reconsider how it regulates cryptocurrencies now that Donald Trump has been elected to a second term as president.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.