Ripple’s XRP cryptocurrency also seems to be following the ongoing market rebound. The asset has risen 0.2% in the last 24 hours, 3.9% in the weekly charts, and 376% since June 2024. Major digital assets, including Bitcoin (BTC) and Ethereum (ETH), edged higher during the American session on Wednesday, sparked by the US CPI data coming in below the market forecast.
The Core CPI, which excludes the volatile prices of food and energy, rose 2.8% in May, matching the figures in April. Monthly, the CPI and the Core CPI each rose 0.1%, sitting below market expectations of 0.2% and 0.3%, respectively. Investors are hoping the data will have an effect on the Fed’s upcoming decision to cut or maintain current interest rates. However, most suggest it won’t, leaving the fate of the crypto market’s bull run in the hands of the Federal Reserve.
For XRP specifically, its price currently edges higher above the confluence support at $2.26, established by the 50-day Exponential Moving Average (EMA) and the 100-day EMA, to trade at around $2.29 at the time of writing. Technical indicators, including the Moving Average Convergence Divergence (MACD), reinforce the bullish outlook by sending a buy signal. Traders and analysts are pointing to the $2.33 level as a crucial barrier. If daily candles close above this threshold, several experts expect a strong upward move.
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Analyst EGRAG Crypto notes that XRP has compressed within a narrowing range and is now reaching a decision point. The price currently sits just beneath a long-standing descending resistance. A clean breakout above $2.35 could spark a rapid move higher, while failure to hold above support could flip sentiment, according to the analyst. If XRP’s price indeed breaches $2.35 in the next week, and the Fed opts to cut rates, XRP could begin its trek towards $3 and beyond.
According to CoinCodex analysis, Ripple’s XRP token may face a slight correction over the next few days, more bearish than some analysts forecast. The platform anticipates the asset to trade at $2.26 on June 15. XRP’s price will face a 1.74% dip if it falls to the $2.26 target. CoinCodex predicts XRP will pick up steam after a drop. The platform anticipates XRP to hit $2.70 by August end. Fortunately, there remains a chance that XRP will rise to new heights later this year. The project may experience a surge in institutional inflows if the SEC approves a spot ETF. Institutional money is key in the trajectory of an asset’s price.
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