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XRP completed a "golden cross" on its one-hour chart as investors considered a sticky February inflation report on Wednesday.
Wednesday's February CPI report was in line with economist forecasts, up 0.3% on a month-to-month basis, putting the 12-month inflation rate at 2.4%, according to Bureau of Labor Statistics data. Both numbers matched the Dow Jones consensus forecast and remained above the Federal Reserve’s inflation target of 2% to reach price stability.
The February U.S. inflation data seems to reinforce market expectations of no Fed rate cuts at either the upcoming March or April policy meetings.
On the hourly chart, the 50 MA crossed above the 200 MA early Wednesday, indicating a "golden cross. The technical signal comes as sentiment slowly improves on the crypto market, with the Fear and Greed index now at 24/100 or "fear" after more than a month of being stuck in the "extreme fear" zone.
What's next for XRP price action?
The XRP price consolidated shortly after the golden cross before it began to rise from a low of $1.37 to reach an intraday high of $1.41 before retreating.
At the time of writing, XRP remained down 1.70% in the last 24 hours to $1.39 as the broader crypto market reversed earlier gains.
XRP has been traded sideways near $1.39 for several days, indicating that buyers continue to exert pressure. A sustained break above $1.39 might cause XRP to target $1.61 next, while a drop might reach the next support at $1.27.
In recent development, Ripple is obtaining an Australian Financial Services License (AFSL). This remains significant in its push to bridge TradFi with the next gen of digital infrastructure, with regulatory compliance being the focus.
Ripple now has more than 75 regulatory licenses around the world, making it one of the most licensed crypto companies.
Dan Burgin
Vladislav Sopov
