Filip Lagaert is a former trader and sales consultant at ING, working with FxStreet as a crypto technical analyst. His recent market update suggests Ripple’s (XRP) price could choose either bullish or bearish directions and become a leading market mover next week.
- According to Filip, Ripple continued to move within a narrow range compared to last week’s irregularly volatile session. If more investors choose to cherry-pick XRP, the price of the cryptocurrency may rise. To prevent slipping below important barriers, traders work to hold onto their positions.
- Bulls remain steadfast in the Ripple (XRP) price after risk-takers entered and purchased in the dip near November’s low last week. Although XRP made some progress toward recovery at the start of this week as more news about FTX’s effects broke, the polish missile incident was the crucial event that turned price action to the downside and damaged the bullish recovery sentiment.
- In light of the fact that many other cryptocurrencies and altcoins are suffering severe losses, XRP remains one of the most bullish outliers in the crypto space. With significant cash invested, XRP could be considered the best crop pick. By the end of next week, it is expected to exceed the 200-day SMA and reach an upside target of $0.4974.
- Ripple’s rejection on the upside against the 200-day SMA limits the risk to the downside because it could start a further leg lower within this week. That would coincide with some geopolitical triggers rattling the markets once more. As long as Russia continues to bomb Ukrainian energy facilities and gas supplies, more rockets could hit Poland due to Ukraine’s defenses.
- Filip expects a test at $0.2875 once XRP enters that region once more before November lows are recorded. Undoubtedly, that $0.2500 is a strong candidate to serve as solid support where the price may rebound for an upside rally. XRP currently trades at $0.35.
See Related: Ripple Price Is Eyeing A 55% Bullish Surge Ahead Of Newtons Re-Listing
