XRP, the third-biggest cryptocurrency by market cap, briefly surged above the $3 level earlier this Wednesday amid numerous reports of Federal Reserve Chair Jerome Powell's likely ouster.
Bitcoin, the leading cryptocurrency, also approached the $120,000 level.
According to Bloomberg, an anonymous White House official said that Powell could end up being fired soon. However, no final decision has been made so far.
Major U.S. stock market indices quickly fell on the report, with the S&P 500 index currently trading in the red.
The stock market is about the independence of the Fed being undermined.
As reported by U.Today, cryptocurrency mogul Novogratz recently urged investors to buy Bitcoin, criticizing the calls for Powell's termination as "Banana Republic moves."
Some believe that firing Powell before the end of his term would be bullish for crypto since it would erode confidence in the Fed and likely result in much lower interest rates in the near future.
The key resistance
The $3 level has been identified as the key resistance that XRP bulls would need to overcome in order to be able to achieve a new record high. It is expected that the bulls will try to aggressively break above the aforementioned level since this is the largest resistance that they have faced since the trend started.
It remains to be seen whether there will be a powerful catalyst that will eventually allow XRP to reach a new record peak.
The token reached fresh ATHs on several exchanges earlier this year. However, XRP's record high of $3.4 from early 2018 remains intact on CoinGecko.
Vladislav Sopov
U.Today Editorial Team