Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The week of macro statistics and important economic decisions is coming to an end. While some are still being released, the main events ended yesterday with the Fed rate decision and further comments from the head of the regulator, Jerome Powell. The sell-off that traditionally accompanies the event on financial markets, and crypto in particular, did not go away this time either. No major crypto assets escaped the spill, but some, such as XRP, showed encouraging price action.
Yuri MolchanThus, XRP, despite ending the trading day with a loss, managed to hold an important support level at $0.38 per token. This level is both psychologically and technically important. If XRP continues to hold at this level, we could see the token price move up to $0.47.
At the same time, the current price already puts XRP in sixth place on CoinMarketCap's ranking of the largest cryptocurrencies by capitalization.
XRP: fundamentals and technicals
The further direction of the XRP quotes will depend, as always, on fundamental and technical factors.
If we are talking about the fundamentals, it is certainly about the positive development for crypto in the SEC v. Ripple court case, as well as the favorable climate on the market itself.
Tomiwabold OlajideAs for the technical picture, in addition to the need to consolidate above the $0.38 line, XRP needs Bitcoin (BTC) dominance to decrease. After this happens, there should be volatility in altcoins' quotations and an influx of investors' money outflowing from BTC.
Denys Serhiichuk
Valeria Blokhina
Dan Burgin
Alex Dovbnya
Vladislav Sopov