- Ripple price saw unattractive price actions following negative comments by the Moderna CEO.
- Though XRP still respects its uptrends, increased headwinds can translate to a near-term downward break.
- Meanwhile, bulls need to defend levels at $0.93 for a continued uptrend towards $1.05 – $1.10.
Ripple (XRP) suffered downtrends today following negative comments by Moderna CEO, questioning current vaccinations’ effectiveness against Omicron. For now, the alt secures support between 55-day SMA and the monthly pivot. Market players can expect bulls to control XRP’s upsurges and still aim the $1.05 – $1.10 range.
XRP price witnessed its bulls trying to reclaim level beyond the red descending trend-line. Keep in mind that the altcoin has not well respected this level in the past, though it holds some reputation. Meanwhile, the altcoin might be forming a bull trap as buyers stepped in after XRP broke a trend-line. For now, the buyers remain trapped by downtrend waves as bears take advantage of Ripple headwinds to drag XRP down.
However, XRP receives support as bulls put up a defense line between 55-day SMA at $0.97 and the $0.93 monthly pivot. Moreover, the alt’s uptrend remains intact. That way, market players take advantage of Ripple’s current events to purchase the dip. The Relative Strength Index proves such claims. The indicators do not depict bearish signals and receive further support from buy-side actions, compensating the selling momentum.
Meanwhile, market participants can expect Ripple to suffer pressure today. That would happen until investors reassess the case and gauge whether the global economy will remain open with no significant obstacles. Risk sentiments will lower later in the afternoon or early on Wednesday. That would cool things and allow XRP to surge once more to $1.05 – $1.10. If more tailwinds appear after that, XRP might rally further, tagging levels of around $1.25.
For now, XRP will rely on an overall market rally to recover from its downtrends. Meanwhile, the crypto space battles recovery at the moment. BTC enjoys a minor uptrend, trading at $58,774 at this publication. If Bitcoin gains momentum to overcome the $60,000 psychological level, it may trigger a rally on the altcoin markets. That might see XRP surging.