Crypto analyst Filip L says that Ripple will hit a new low. According to another crypto analyst, Tony M, DOGE continues to stir as the bulls lose support at the $0.08 level. We have prepared the analyzes of Filip L and Tony M for our readers.
“Developments set the price of XRP to drop like a stone”
As you follow on cryptokoin.com , the strength of the dollar has turned the markets upside down and caused every risk asset to slide down. That’s why Ripple (XRP) price is set to hit a new low this weekend. With cryptocurrencies at the forefront of these headwinds, interest and purchasing power will decline. It will also make room for bears to start killing. Additionally, it will likely trigger new lows for 2022, erasing small gains in May and June in the process. In this context, the bulls will be crushed like a fly on the wall. Eventually, the price will drop 18% like a stone and wait around $0.37 before dropping to $0.30.
Lagarde missed the mark and disappointed the markets by raising the least possible rate. Ripple is rallying behind a chain of events sparked by the lackluster ECB meeting. Globally, other central banks are massively raising interest rates to cool inflation. The significant systemic risk involved ignited a massive flood of dollar power. This risk has swept the markets and caused investors to flee from cryptocurrencies. However, the strength of the dollar is not yet fully reflected in all cryptos. Also, XRP price is still waiting for a delayed correction.
“An upside break is still possible for Ripple”
XRP price was the key low for most of May and most of June which will drop to $0.37. Expect this level to hold some support but still break. A penetration below $0.30 opens a rather chunky area on the downside. Converted to percentages, this means a 17% or 25% loss between $0.37 and $0.30 from where the XRP price is currently trading.
XPR price is currently trading between $0.37 and $0.42. So alternatively, an upside break is still possible this week. In addition, several cryptocurrencies showed a deviation from the current dollar value. This is likely to have a rather positive impact on cryptocurrencies such as Ripple price. Also, it is possible for a rally to start as a possible scenario even when stocks are falling. The upside target is just above the monthly pivot at $0.48.
“DOGE price is likely to dip further”
The bears have breached a triangular structure that has been hovering around the altcoin throughout May. Therefore, DOGE price is in a more bearish pace. Now that the structure is broken, the bears will likely start injecting more capital into their short positions to profit from the decline. The bearish candle that broke the structure is moving in a free fall fashion. In addition, this provides more confidence for bearish traders.
DOGE price is currently trading at $0.075. A short pause is possible at the current levels before hitting the next target of $0.072. Ultimately, the bears are not going to release the stronghold around the altcoin. They will maintain this until the liquidity at $0.068, the lowest level of May 12, is withdrawn. Because the Relative Strength Index, another subtle indicator of bearish control, was rejected at 40.
Bearish invalidation possible with a break above $0.085. If the bulls break this level, a 60% increase from the current DOGE price is possible. And this opens the possibility for DOGE to start a relief rally towards $0.12.
