Today, we will see the remarks of Fed Chairman Powell in a few hours. There will be important statements throughout the week. The comments made by members and the Fed Chairman regarding the current state of the economy are of great importance. The current outlook suggests a 100bp interest rate cut for next year. So, what are the expectations for XRP Coin?
On the macro front, things are improving in favor of cryptocurrencies. The Fed has softened a bit and the latest employment data shows that tight monetary policy is effective. However, it is expected that the Fed will start cutting rates from the middle of next year. The mention of a 50bp cut has been forgotten, and according to FedWatch data, interest rates could fall to the range of 4-4.25% by the end of next year.
At the time of writing this article, the XRP Coin price is at $0.694 on the Binance exchange. Investors were excited this week due to the potential good news at the Ripple event. Tomorrow is also the last day to determine the conference dates with the SEC. News from the Ripple front could further increase volatility.
On the daily chart, the price has dropped below $0.7 again, and this is not good. If the $0.66 level is also lost, the expectation of an uptrend may weaken again. We could see a drop to $0.61 and $0.58. The size of long positions has started to increase today. This indicates that investors expecting an increase in XRP Coin are starting to take new positions.
What will determine the direction of the XRP Coin price is a surprise news that may come in the coming days. Unless there is an announcement of a expected IPO in Dubai or a new step regarding the lawsuit, there will be a situation where wherever BTC goes, XRP Coin goes. In the scenario where XRP does not deviate from the general altcoins, BTC needs to make new highs above $35,500 and break the $36,000 resistance.
On the weekly chart, the bullish outlook is more apparent due to closings above $0.677. If the $0.74 level is surpassed on a weekly basis, we have the possibility of seeing a new peak between $0.94 and $1.36. However, in case of closings below $0.61, there could be a drop to the support level of $0.58, which is the lower limit of the uptrend range.
Closings below that level could set new bottom targets between $0.46 and $0.3. As a result, BTC is on the verge of a major breakthrough and the XRP Coin price will also approach one of the medium-term targets of $0.3 or $1.36.