Ripple’s XRP cryptocurrency It also appears to be following ongoing market rebounds. Assets have risen at 0.2% over the past 24 hours, and 3.9% and 376% on the weekly chart since June 2024. Major digital assets, including Bitcoin (BTC) and Ethereum (ETH), were framed high during the US session on Wednesday, and were caused by US CPI data under market forecasts.
Core CPI, which excludes unstable food and energy prices, rose 2.8% in May, matching April figures. Each month, CPI and core CPI rose 0.1% respectively, below market forecasts of 0.2% and 0.3% respectively. Investors hope that the data will affect the Fed’s future decision to reduce or maintain current interest rates. But most people suggest that they will not, and the fate of the Cryptomarket bulls falls into the hands of the Federal Reserve.
In particular, for XRP, its price is currently outperforming Confluence support at $2.26 established by the 50-day index moving average (EMA) and 100-day EMA, trading at about $2.29 at the time of writing. Technical indicators, including moving average convergence divergence (MACD), enhance bullish outlook by sending purchase signals. Traders and analysts point to the $2.33 level as an important barrier. If the daily candle closes above this threshold, some experts expect a strong upward movement.
Analyst Egrag Crypto notes that XRP is compressed within the narrowing range and is currently reaching a decision point. Now, prices are just below the long-standing decline resistance. According to analysts, a clean breakout above $2.35 can cause rapid movement, but if you don’t keep the support above, you can turn your emotions over. If XRP prices actually violate $2.35 next week and the Fed chooses to cut the fees, XRP can start trekking towards $3 or more.
According to Concodex’s analysis, Ripple’s XRP tokens could face minor corrections in a few days, making them bearish than some analysts’ predictions. The platform expects the assets to trade at $2.26 on June 15th. XRP prices will face a 1.74% DIP if they meet the $2.26 target. Cincodex predicts that XRP will pick up steam after dropping. The platform expects XRP to reach $2.70 by the end of August. Fortunately, there remains the possibility that XRP could rise to new heights later this year. If the SEC approves SPOT ETF, the project could cause a surge in facility inflows. Institutional money is important in the asset price trajectory.
