Once again, the macro factors have started dominating the crypto markets. Most cryptos are in red this week. Most investors expect a potential hundred basis point hike, but some also expect FED to continue hiking at 0.75 basis points.
This inflation and other factors in macroeconomics prevent the investor from buying the stocks/cryptos in large volumes. They are finding safer options such as fixed deposits and bonds. The Crypto market is observing an outflow, which will continue as the global macro economy deteriorates.
The high bond yield is a factor that influences the price of crypto assets, and market experts are also forecasting that investors have to wait a little longer for the next bull market.
Now crypto investors must be aware of the macroeconomy and central bank policies to control inflation. Fiat currencies and sector-specific regulatory headwinds also play an important role in the stock market.
As a result, it will influence the price of most cryptocurrencies in the next few months. Check out our XRP predictions and technical analysis by clicking here before you invest in Ripple.
At the time of writing this post, XRP was trading around $0.37. The daily candlesticks are forming in the upper half of the Bollinger Bands. The XRP price has been consolidating within a range of $0.38 and $0.30.
The recent candles are forming around the resistance, so it is not a good time to invest for the short term because it might come down to the level of $0.35. Most technical indicators are bullish, so XRP may break the resistance soon.
After hitting a high of $1.96, XRP has been in a downtrend. The positive sign is that XRP has taken support at around $0.3. We do not think it will break this level soon. BB lacks volatility; RSI is around 40, and MACD is bullish. Most technical indicators reflect neutral movement in the long term.
Source: https://www.cryptonewsz.com/xrp-price-takes-a-rise-even-during-the-bear-phase/