XRP Price Went Against the Trend, Looks to Gain a 12% Profit
Yesterday, Ripple XRP price actions went against the market flow and recovered its losses from Thursday. This rise is expected to continue as bulls run for a perfect bounce off the monthly pivot. XRP bulls already hit 10% gains in the last 24 hours, and they expect to make that 12% in the next few hours.
With the global market on edge this weekend, investors are waiting for information on the situation to assess how to move forward with their investments. On the other hand, XRP bulls seem to ignore this and simultaneously push for gains.
Ripple XRP price action uses the $0.68 monthly pivot to continue its recovery as the token bounces from the critical support at $0.62. As February ended, the bulls stepped in and pushed the token to a significant upswing. They already pushed the token up 10%, and there are signs that they will attempt for another 12% gain soon.
XRP bulls will likely look to take out the 55-day Simple Moving Average (SMA) at $0.73 again if the investors succumb to the market’s selling pressure. Moving forward, the bulls will likely push forward and target $0.84 and $0.88. For now, the bulls will keep an eye on the price action over the weekend to book profits should developments call for that.
As developments in the geopolitics in the Russia-Ukraine conflict develop, the pressure on the global market will most likely rise. This puts not only XRP price in a bind but both the global and crypto markets as well. If the situation escalates further, it is possible to see at least 15% losses across the board.
For now, XRP investors are also waiting for developments in the conflict. However, other factors may affect their decision. One of these is the SEC v. Ripple lawsuit, where the company recently found small victories.