Ripple’s XRP Price Will See Significant Volatility This Weekend

  • Ripple price is expected to print a new low as markets brace for more risk.
  • XRP price is expected to be one of the victims of another batch of dollar strength that is about to kick in.
  • New lows are also possible if the bulls pull back, with XRP price set at $0.30.

Ripple (XRP) price is likely to print a new low by or over the weekend as another batch of dollar strength disrupts markets and drags every risky asset lower. With cryptocurrencies at the forefront of these headwinds, interest and purchasing power could decline, paving the way for the bears to kill and possibly trigger new lows for 2022, erasing the small gains incurred from May and June in the process. Expect to see bulls squashed like flies against the wall and eventually squeezed out of their positions around $0.37 before prices drop like a stone by around 18% towards $0.30.

XRP price is expected to drop like a stone

Ripple price is set to tumble following a series of events triggered by the lackluster ECB meeting where Lagarde missed the mark and disappointed markets by pledging to make the fewest number of hikes possible rate hike, while around the world other central banks are massively accelerating their rates to calm inflation. The considerable systemic risk caused sparked a massive wave of dollar strength that swept through markets and led investors to flee cryptocurrencies. That said, the strength of the dollar has yet to fully filter into all cryptocurrencies, with the price of XRP still set for a delayed correction.

The price of XRP is expected to first drop towards $0.37, which was the benchmark low for most of May and June. Expect this level to hold some support but break nonetheless. Penetration below would open up a fairly large area on the downside, with just $0.30 as the closest support level. Translated into percentages, this would mean a loss of 17% from $0.37 to $0.30 or 25% from the current price of XRP.

XRP/USD daily chart

Alternatively, as XPR price is still trading between $0.37 and $0.42, an upside breakout is still possible this week, and a few cryptocurrencies showed dislocation in current dollar value. This could be quite positive for cryptocurrencies such as the Ripple price and lead to a rally as a possible scenario even when stocks are crashing. The upside target is set at $0.48, just above the monthly pivot.