The Federal Reserve just announced a 50 basis-point cut in interest rates yesterday, and the crypto market responded positively.
The Federal Reserve just announced a 50 basis-point cut in interest rates, and the crypto market responded positively. The total crypto market cap rose by about 1.5% over the last 24 hours, and most of the top 10 cryptos are also showing gains. Bitcoin price rose by 1.2%, and ETH price also rose by 1.2%. The biggest gainers of the top 10 cryptos are XRP and BNB.
Ripple price shot up 5% on the news, and as more money enters the system, some believe XRP actually does an x3 and could do an x3 as the bull market takes off. Meanwhile, BNB price rose by 1.1%, and other top 10 cryptos showed gains of less than 1%.
As we mentioned earlier, XRP price rose by 5% today, and it is now trading above $0.42. The biggest cryptocurrency also responded positively to yesterday’s rate cuts and showed a bullish price surge, with the Ripple price now up 5% since the news.
After a long period of consolidation, XRP price finally broke out of a key resistance level in early February. Since then, the price has been rallying and reached a high of $0.43 on March 8. However, the price faced some selling pressure at this level and dropped down to $0.41.
After showing some strength at this support, the price rebounded and began another leg up. This time, XRP price encountered resistance at $0.42, but after a couple of attempts, the price finally managed to break through this resistance level.
Now that the price has broken through $0.42, the next resistance level is at $0.43. If the price can continue rallying and break through this level, we can expect another strong bullish move from XRP.
On the other hand, if the price fails to break through $0.43 and begins dropping down, the first support level is at $0.42. Below this level, support is present at $0.41 and $0.40, respectively.
The RSI on the daily chart shows that XRP price is now in the overbought zone. This indicates that the price has been rallying strongly over the last few days and might be due for a correction soon.
However, the MACD line is still bullish and shows that the momentum is still on the buying side. If the price can continue rallying and break through the next resistance level, we can expect XRP price to continue rising in the coming days.
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