XRP Price Prediction: Russian missiles striking Poland could provoke a selloff


  • 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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Convex Finance extends gains after facing short squeeze

Convex Finance extends gains after facing short squeeze

Convex Finance (CVX), the DeFi token, extends its rally to double-digit gains and raises 26% on Monday, as seen on Binance. Data from Coinglass shows large volume liquidation of short positions, to the tune of $722,000. 

More Cryptocurrencies News

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP stuck below $0.50 while SEC abandons demand for $2 billion penalty

XRP struggles to make a comeback above sticky resistance at $0.50 on Monday as traders continue to assess the legal skirmishes between blockchain firm Ripple and the US Securities and Exchange Commission (SEC).  

More Ripple News

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant price poised for a short-term sell-off amid potential early-holder selling spree

Quant (QNT) price could have a short-term downward pressure. Data from Lookonchain suggests that an early holder has deposited 118,008 QNT tokens worth $9.78 million into the Kraken exchange.

More Cryptocurrencies News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retesting its major resistance level

Bitcoin price is retesting its weekly resistance level of $67,147. Ethereum price finds support around $3,321, the price imbalance between $3,146 and $3,498. Ripple price faces rejection due to the key resistance level of $0.499.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP