- Ripple price sees trading conditions improving substantially.
- XRP rides a wave of positive elements that provide several tailwinds.
- Expect to see $0.37 by the end of this week with the 200-day SMA up for grabs next week.
Ripple (XRP) price pumps higher with over 1% of profits intraday as a new high for 2023 sits nearby. Bulls see the trading conditions improve as both the VIX and the Dollar Index (DXY) are backing off further. Interest rates are off their highs in terms of yields as markets start to focus on the pivot level of the US Federal Reserve. Several data points from the past Friday confirm that more upside potential for risk assets is in the cards for the coming days and weeks.
Ripple price set to pump 7% in one week
Ripple price jumps intraday on this first official trading week of 2023 as several trading desks are now fully staffed and plenty of banks and funds are projecting their forecasts for 2023. With still a big bag of tail risks, trading conditions are improving as markets see rates, the US Dollar and the VIX come off their more elevated levels from 2022.
XRP price already has flirted with a new high for 2023 as $0.3553 gets tested. As the US session starts on Monday, several assets are taking a step back from the highs in the risk asset group. If this risk-on sentiment continues and receives more support from a weaker inflation number on Thursday, XRP could be seen hitting $ 0.3710 by the end of this week.
XRP/USD daily chart
Risk to the downside comes with US Federal Reserve chairman Powell speaking on Tuesday in Sweden. On past occasions, the US Fed Chair has always pushed back against market optimism. That could be seen as a cold shower, bringing XRP price back toward $0.33 at the lowest price action since November.