- Ripple price is likely to decline and look for support at $0.36.
- The price of XRP will experience limited downside movement as a shift in sentiment will favor greater upside potential.
- Expect to see a move back towards $0.50 in the next few days with gains of 36%.
Ripple (XRP) price is likely to rise once the bulls find the support they are looking for. Currently, price action in XRP is in retreat as global markets stand on the eve of a surprise double rate hike, raising the stakes for the FED and ECB on monetary tightening and the looming backlash. will follow for cryptocurrencies. Expect a decline towards $0.36 in search of support before the price action rallies towards $0.50 in the coming weeks.
XRP is set to end the week with a turnaround
Ripple price is under pressure from the bears due to the strengthening dollar, retreating stock markets and some tail risks coming from the central bank. There are several court cases involving the SEC that weigh on the public image of cryptocurrencies, but also an Economics 101 lesson on how a central bank decision can move an entire asset class. The surprise move came as the Reserve Bank of Australia’s (RBA) ASIA PAC trading raised rates by 50bps when a move of just 25bps had been expected, blinding markets and dictating sentiment. of risk in all corners.
XRP price sees investors wavering as the ECB on Thursday and then the FED next week are to speak and guide the markets on their forecasts of possible monetary tightening. For XRP price, the drop in interest could trigger a move back towards support at $0.36. By then, the Relative Strength Index (RSI) will also be in oversold territory, further highlighting it as a support zone. As the bears will want to book profits, they will need to buy and attribute it to the burst of buy-side supply, which could lead to a rapid rise in price action towards $0.50.
XRP/USD Weekly Chart
With inflation not looking to be under control anytime soon, it seems more reasonable that more rate hikes and tighter monetary policy are needed to chain inflation, which will trigger a decline in stocks and cryptocurrencies. This could mean that XRP breaks below $0.36 and if more dollar strength comes into play, expect to see another drop towards $0.30 or $0.20 depending on how big the move is. the Fed and the ECB. Although the RSI is then massively in oversold territory, the price of XRP could still print more than 40% more losses.