XRP’s price is an outlier compared to most other major virtual currencies, as the pair is unlikely to benefit from the weak U.S. dollar and favorable tailwinds that support the overall price movement of virtual currencies. XRP’s price seems to be hanging in the balance and looks set to plunge 35% next week. With the RSI just below 50, bears are favoring the RSI for more downside.
XRP prices are this week and therefore do not fit the bullish forecast used for most other virtual currencies. Although more tail risk is being defused or reduced, and the space created is full of tailwinds, XRP cannot rely on it. Conversely, as bulls were rebuffed this week for breaking the 55-day simple moving average of $0.7823, the price action looks very heavy.
XBPS are plagued by the volatility that accompanies earnings season, and increasingly hawkish comments from Fed officials are spooking XBPS price investors as more rate hikes lie ahead, limiting any upside for the current XBPS. Further losses are expected next week, with XRP prices looking for support around March lows of $0.6232. If this does not hold and a further slide to $0.50 is expected, bulls should generally be interested in taking some price action for the fade trade, at which point the RSIS will break out of oversold territory.
Should the bulls break out of the gate on Monday and hit all bids on risk assets, expect XRP prices to turn 180 and quickly retest this 55-day simple moving average. Once above, the road quickly rises 12% to the 200-day moving average of 0.8743. A breakout is expected to drag down the 55-day simple moving average and XRP could finally break out of the death cross that has put XRP’s price in bearish mode.
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