At the start of the European market session Ripple (XRP) Although the recovery in the price has come to the fore, it is quite early to rejoice, according to analysts. Despite the recovery in price, the bulls failed to gather enough strength to break the bears’ raid. Although the temporary ceasefire between Ukraine and Russia has somewhat eased the graphic, it is quite possible that the XRP price will drop below $ 0.70 with the resumption of conflicts.
XRP priceIt was positive again today as the bulls tried to make some profits in calm markets after the new ceasefire in Ukraine seemed to be under way. But the bulls aren’t quite committed to the move, and the Relative Strength Index shows a lack of faith to go full size, resulting in relatively quiet and modest gains of between 1% and a maximum of 5% on the day. Profits can be expected to mark upwards at $0.75 or $0.76 in the US session.
As the good news continues in the coming days and an agreement is reached in the negotiations, it may help the price to rise sharply. A break above $0.78 could quickly push the price towards $0.84. If the positive news continues, a 16% gain could be on the way.
Negative news occupying the spotlight could push the backing catalysts in the markets that aren’t recovering. If the negative news is stronger than expected, it could create a break towards $0.70. With this move, a drop to $0.65 or even $0.62 is quite possible as the bears will try to catch the bulls in a trap and squeeze them as far as they can.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.