Jerome Powell, the Chairman of the Federal Reserve, sparked discussions in the crypto market with his statements on November 7. The uncertainty surrounding the market could hinder certain cryptocurrencies, such as Ripple (XRP) 
$0.546532, from reaching their price targets. Although Powell’s remarks did not directly address Ripple, the market’s perception and potential volatility could influence the price of XRP.
Could Powell’s Statements Affect XRP Price?
Jerome Powell explicitly stated that he would not resign and emphasized that U.S. presidents must have legal authority to dismiss the Fed Chairman. This came after a question implying that some of Trump’s advisors had suggested Powell’s resignation.
Additionally, the Fed created a positive atmosphere in the markets by lowering interest rates to a range of 4.5% to 4.75%. This was the second reduction following a significant 50 basis point cut in September. Following the rate cut, Bitcoin 
$76,440 surpassed the $76,600 mark.
Can XRP Approach the $1.3 Target?
Ripple’s charts indicate that it has been progressing within a declining channel since late 2021, creating long-term downward pressure on its price. Currently, XRP retains the potential to test the upper boundary of this channel, which is around $0.65, with the main support level at $0.47.
The latest price of XRP is $0.5498, reflecting a 1.4% decline over the past 24 hours. Aiming for significant annual growth, XRP seeks to reach $1.3, representing a 139% increase. The Relative Strength Index (RSI) stands at 50.28, indicating a balance between bull and bear markets. An upward movement in the RSI suggests that buying pressure might support the price.
XRP and the Future of the Crypto Market
XRP continues to operate within a market influenced by Powell’s statements. Current price trends and technical indicators still suggest that the $1.3 target remains viable. However, investors are advised to proceed cautiously, considering the uncertainty created by Powell’s remarks. The overall state of the crypto market will continue to impact XRP’s short-term performance.
