• XRP price rallied 20% after a weekend selloff.
  • The crypto market could respond negatively to the recent missile strikes affecting Poland.
  • Invalidation of the bearish thesis is a breach above $0.46

XRP price could suffer an unexpected blow as the war between Russia and Ukraine has broadened into Polish territory. Key levels have been defined to guage XRP's next potential move. 

XRP price is in a vulnerable state

XRP price currently auctions at $0.39 as the bulls have pulled off a second recovery rally of recouping 20% losses from the week prior. During the third trading week of November, the market's vulnerability to a flash crash has increased as war becomes a re-occurring narrative within the ecosystem.

On November 15, a fatal explosion occurred in Poland near the borders of Ukraine. The explosion reportedly caused two fatalities and triggered NATO to host an emergency meeting. The crypto market has witnessed a correlation to unfortunate world events in the past, and the technicals may already suggest the move is coming.

tm/xrp/11/15/22

XRPUSDT 4-Hour Chart

XRP price is attempting to find support above the recently breached 8-day exponential moving average. A bearish harami candle is witnessed near the top of the trend, which has a lower high than the previous retaliation rally on November 10.

The Volume Profile Indicator shows fewer transactions during the current 20% rally than the previous retaliation, as well as the 35% death drop witnessed earlier in the month. The Relative Strength Index is at a level that justifies bears entering the market. 

Considering these factors,  the XRP price may retest the lows near $0.31 in the coming days. Invalidation of the bearish thesis could arise if the bulls reclaim the $0.46 barrier. In doing so, an additional uptrend hike toward the monthly high near $0.51 could occur. Such a move would result in a 30% increase from the current XRP price. 

In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team

 

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

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Will Fed’s hawkish tone drive altcoin gains off a cliff?

Optimism (OP), MAGIC (MAGIC) and Stargate Finance (STG) are the top gainers in the last 24 hours. The rally of these altcoins can be attributed to the volatility generated by the interest rate decision and the Fed’s policy meeting that took place on Wednesday. 

More Crypto News

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Fed remains hawkish with 25 bps hike, how will Bitcoin price react?

Bitcoin price plunged to its weekly low of $22,862 earlier today, as traders awaited the US Federal Reserve’s rate hike decision. BTC has traded sideways in the 24-hours preceding the rate hike announcement.

More Bitcoin News

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price is looking to reclaim this level to mark a 17% rally and recover 4-month-old losses

Cardano price has been treading steadily upward, recovering the losses it endured over the last few months. The uptrend with ADA potentially heading toward $0.45 might differ.

More Cardano News

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin Price Prediction: Has the downtrend already started?

ApeCoin price shows subtle cues to suggest that a downtrend move could occur. The possibility of a liquidation event should not be ruled out moving forward.

More ApeCoin 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