XRP price action gives confidence after major sale on macro reports occurred
The week of macro statistics and important economic decisions is coming to an end. While some are still being released, the main event ended yesterday with the Fed rate decision and comments from the regulator’s head, Jerome Powell. The sell-off that traditionally accompanies the event on financial markets, and crypto in particular, did not go away this time either. None of the major crypto assets escaped the splurge, 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 in 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’re talking about fundamentals, it’s certainly SEC v. The Ripple court case is about a positive development for crypto as well as a favorable environment on the market.
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.
