Main navigation

XRP Price Shows Encouraging Action Despite Fed Sell-Off

Thu, 12/15/2022 - 13:07
article image
Gamza Khanzadaev
XRP price action gives confidence after major sale on macro reports occurred
XRP Price Shows Encouraging Action Despite Fed Sell-Off
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

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.

Dozens of Millions of XRP Moved by Ripple's Key Partner Bitso, Here's What Happened

Thus, 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.

Source: TradingView

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.

Max Keiser Riles up XRP and ETH Community with Recent Comments

As 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.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.