The XRP price seems to be bearish because of geopolitical and economic conditions at the brink of a recession. Central banks around the world increase interest rate to control inflation. Experts also think if the U.S. economy slips into a recession, then it could result in a catastrophe in the world economy. Cryptocurrencies could be the worst victim of the recession.
However, a large cryptocurrency like Bitcoin also suggests the macro bottom is not yet formed, and it may end anywhere between $10K to $15K. That means we can see another sell-off in the crypto economy.
Besides that, rising tensions between different countries also trigger the macroeconomy. As a result, it will affect the stock market and cryptocurrencies such as Ripple. Investors should keep their eyes open for another bearish outlook, especially in XRP price. Read our XRP forecast to understand what you should do with your XRP holdings during such complicated times.
Another issue that could trigger a crash in the XRP price is the regulation from SEC. Besides Steller, SEC also accused Ripple of illegal security offerings by selling XRP crypto, and it will result in a legal battle between SEC and Ripple authority.
As a result, the XRP price may crash in next year. The future of Ripple will depend on how SEC handles the issue. So it is not an ideal time to invest in Ripple for the long term, but you have to read the price analysis to understand the technical aspects of the token.
At the time of writing this post, XRP was trading around $0.325, which is near the support of $0.31 in the lower range of the Bollinger Bands. It was in an uptrend in June-August, but now it has changed its momentum.
XRP could be in a downtrend for the next few weeks because most technical indicators like MACD and RSI are bearish. It might even break the support of $0.31 or consolidate in the lower range of the Bollinger Bands. On the upper side, $0.34 is a resistance level. If it crosses the level, the price will follow the previous uptrend.
After hitting a significant high of $1.97, XRP has been in a downtrend with lower highs and lower lows, but this year it has taken support around $0.30. Based on the technical analysis, we think it will fall to the level of $0.17. After that, it may change the momentum for the upside.
Since last year November, candlesticks have been forming in the lower range of the Bollinger Bands, which does not suggest bullishness. You should not invest in XRP for the short term and long term; rather, you should wait until it shows positive momentum for the long term. $0.20 would be a good price to accumulate this coin for the long term. However, the invested time horizon should be short.