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XRP Price Prediction: A Move Through $0.3450 to Bring $0.35 into View

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·3 min read
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Key Insights:

  • XRP rose by 1.44% on Saturday, supported by bullish sentiment across the crypto market.

  • Investors moved on from the US nonfarm payroll figures that delivered Fed policy uncertainty on Friday.

  • Technical indicators are bullish, with XRP sitting above the 100-day EMA.

On Saturday, XRP rose by 1.44%. Reversing a 0.64% fall from Friday, XRP ended the day at $0.3447.

A bearish start to the day saw XRP fall to an early low of $0.3391 before making a move.

Steering clear of the First Major Support Level (S1) at $0.3307, XRP struck a high of $0.3474.

Falling well short of the First Major Resistance Level (R1) at $0.3534, XRP eased back to sub-$0.3450.

Easing Fears of a Recession and Hope Deliver XRP Support

On Saturday, XRP found much-needed support after a choppy Friday session.

Further market reaction to the Fed monetary policy meeting minutes and US nonfarm payrolls delivered the upside.

While US NFP numbers impressed, the less hawkish FOMC meeting meetings were also crypto-market-friendly.

The minutes revealed concerns over the impact of aggressive rate hikes on the economy, with members veering towards a more modest 50 basis point rate hike this month.

Next week, US inflation and retail sales figures will give the global financial markets a clearer picture of what to expect. Hopes are for the Fed to take a more measured approach to bring inflation back to target.

While broader crypto market forces influence, the ongoing SEC v Ripple case remains the key driver.

Investors continue to await the all-important court ruling on SEC motions to protect William Hinman’s speech-related documents under the attorney-client privilege.

In 2018, the former SEC Director of the Division of Corporation Finance said that Bitcoin (BTC) and Ethereum (ETH) are not securities.

The ruling could decide the outcome of the SEC case against Ripple and materially impact XRP action.

XRP Price Action

At the time of writing, XRP was down 0.93% to $0.3415.

A bearish start to the day saw XRP fall from an early high of $0.3448 to a low of $0.3411.

XRP left the Major Support and Resistance Levels untested early on.

XRPUSD 100722 Daily Chart
XRPUSD 100722 Daily Chart

Technical Indicators

An XRP move through the $0.3437 pivot would test the First Major Resistance Level (R1) at $0.3484 and resistance at $0.35.

XRP would need the support of the broader market to deliver a breakout from the Saturday high of $0.3474.

In the case of an extended crypto rally, the Second Major Resistance Level (R2) at $0.3520 would likely come into play.

The Third Major Resistance Level (R3) sits at $0.3603.

Failure to move through the pivot would bring the First Major Support Level (S1) at $0.3401 into play. Barring an extended sell-off, the Second Major Support Level (S2) at $03354 should limit the downside.

The Third Major Support Level (S3) sits at $0.3271.

XRPUSD 100722 Hourly Chart
XRPUSD 100722 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal.

At the time of writing, XRP sat above the 100-day EMA, currently at $0.3346. Today, the 50-day EMA converged on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA, price positive.

A bullish cross of the 50-day EMA through the 100-day EMA would support a run at R2 and the 200-day EMA, currently at $0.3520.

XRPUSD 100722 Daily Chart
XRPUSD 100722 Daily Chart

This article was originally posted on FX Empire

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