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.
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.
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.
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.
Denys Serhiichuk
Tomiwabold Olajide
Vladislav Sopov