XRP rips open a new can of gains with $0.48 as the forecast target for the week

  • Ripple price prints over 6% gains on Monday intraday trading.
  • XRP pops above the crucial, pivotal level for the first time since November 2022.
  • If bulls can consolidate this level, another advance of roughly 15% looks granted toward $0.48.

Ripple (XRP) price is starting the new week with a big bang as the top three cryptos all pop in a synchronised move higher. Crypto bulls are using a window of opportunity as the economic calendar this week is rather light, and the Fed policymakers are in their blackout period that precedes the first US Fed rate decision in February. With markets on the front foot, traders are enjoying some tailwinds emerging and headwinds waning a bit.

Ripple price has the wind in its sails

Ripple price did not enjoy the weekend as a big risk hung over price action as XRP seemed unable to trade away from the 200-day Simple Moving Average (SMA). As the dust settled over the weekend, traders used the momentum to increase price action. With bullish momentum, bulls have stormed through the $0.4228 wall and are running price action even higher to consolidate above it safely.

XRP thus needs to do one thing: making sure that the daily close this evening is above that pivotal level. Once that level is turned into support, expect another jump higher alongside the pivotal handles for this month, with the R2 at $0.4375 and R3 at $0.4650. The ultimate target for this week is $0.4800, bearing 15% of gains to the trading book.

XRP/USD daily chart

The big risk for a correction must be underlined, though, as the Relative Strength Index (RSI) is set to break above the overbought barrier. As remaining bulls will want to drive price action further up, some pure technical profit-taking will happen more rapidly now as upside potential looks rather limited from this barometer. A cool-down back to $0.3890 would be good to find support and let the rally open up for new cash and bulls, which means that a pullback below $0.4228, turning into a false break is inevitable.