- Ripple holders turn bullish with the altcoin’s run up to $0.49 ahead of the US Fed's rate hike decision.
- XRP price broke into a solo rally with massive bullish potential, yielding 20.1% gains since Tuesday.
- XRP bulls are attempting to reclaim the target of $0.50, facing tough resistance at $0.47 and $0.49.
Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.
Also read: Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike
Ripple price tags the $0.49 level in massive overnight price rally
XRP, the native token of cross-border payment settlement firm Ripple’s XRPLedger noted a massive surge in its price since Tuesday. XRP price kickstarted a solo rally attempting to hit the bullish target of $0.50, falling short and hitting a high of $0.49.
The altcoin’s price surge is riding the wave of recent banking crisis and anticipation of a quarter point interest rate hike by the US Federal Reserve. Crypto market participants have turned bullish on Bitcoin and altcoins since March 12, in response to the voluntary liquidation of the Silvergate bank and the collapse of tech-friendly SVB.
Fed’s measures to inject liquidity in the economy and protect banks from collapse has driven investors towards decentralization and cryptocurrencies. The altcoin’s progress in the recent lawsuit adds to the list of reasons driving its price higher in the short term.
As seen in the XRP/TetherUS four-hour price chart below, the target for XRP price is $0.5091. The altcoin is battling resistance at $0.4927. There is immediate support for the altcoin at $0.4678 and $0.4517.
XRP/USDT 4H price chart
XRP’s explosive move marks a 28% gain on March 21, and subsequent retracement thereafter. The altcoin is changing hands at $0.4566 on Binance at press time. A decline below 61.8% Fibonacci Retracement at $0.4354 could invalidate the bullish thesis for the altcoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
US SEC sues Coinbase after regulatory crackdown on Binance
The US SEC said Tuesday that it sued crypto exchange Coinbase, alleging that the platform operates as an unregistered security exchange. The announcement comes a day after the regulator filed a similar lawsuit against Binance, in a sign that the clampdown is extending to key players in the industry.
Ethereum tokens worth $3.1 billion moved on the blockchain as traders brace for incoming selling pressure
Ethereum circulation climbed to 1.73 million tokens on June 6, signaling a rising utility of the altcoin. A large volume of Ethereum’s supply has moved off exchanges, likely to self-custody wallets, alongside the Securities & Exchange Commission’s (SEC) crackdown on Binance.
SEC triggers crypto bloodbath as Coinbase, Kraken brace for token delistings after Binance lawsuit
The Securities & Exchange Commission (SEC), the premier US financial regulator, now controls $115 billion in cryptocurrencies with its lawsuit against Binance. In its latest move against Binance Holdings Ltd., the regulator expanded a list of digital tokens deemed unregistered securities.
Optimism price could shoot up by 30% after OP whales accumulation spree
Optimism (OP) price shows strength despite the market-wide sell-off on June 5. Additionally, the technicals and on-chain metrics both strongly suggest a bullish future for OP holders.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.