XRP Price Prediction: XRP at $0.52 Ahead of Powell’s Speech and Key Data Releases
XRP is currently trading at $0.520822, down 0.62% in the last 24 hours, with a 24-hour trading volume of $483,165,789. XRP holds the #7
XRP is currently trading at $0.520822, down 0.62% in the last 24 hours, with a 24-hour trading volume of $483,165,789. XRP holds the #7 position on CoinMarketCap, boasting a market cap of $28,795,693,193.
It has a circulating supply of 55,288,951,055 XRP coins and a maximum supply of 100,000,000,000 XRP coins. The 4-hour chart highlights the pivot point at $0.5185, a critical level for near-term price action. Immediate resistance is identified at $0.5296, followed by $0.5371 and $0.5427.
On the downside, immediate support stands at $0.5127, with further levels at $0.5056 and $0.4982. The Relative Strength Index (RSI) is at 47, suggesting neutral conditions. The 50-day Exponential Moving Average (EMA) is positioned at $0.5184, reinforcing the pivot point.
The upward channel near the $0.5185 level, bolstered by the 50 EMA and pivot point, indicates a potential continuation of the bullish trend. The formation of a bullish engulfing candle near this level further supports the possibility of upward momentum.
If XRP holds above $0.5185, it could drive prices higher towards the identified resistance levels. Conversely, a break below this pivot point could lead to a sharp decline.
Week Ahead: Major Economic Events
In addition to the technical outlook, several fundamental events this week could influence XRP prices.
On Monday, Fed Chair Powell speaks at 12:30 AM, followed by FOMC Member Waller at 6:00 PM. Their comments may provide insights into future monetary policy, potentially impacting the broader crypto market.
Tuesday features Treasury Secretary Yellen at 1:00 PM and FOMC Member Waller at 6:00 PM. Market reactions will depend on any shifts in economic policy or outlook.
Wednesday’s existing home sales data at 7:00 PM, with expectations of 4.21M versus 4.19M previously, and the FOMC meeting minutes at 11:00 PM, will be scrutinized for economic health indicators, impacting XRP prices.
Thursday’s unemployment claims at 5:30 PM (forecast at 221K versus 222K prior) and PMI reports at 6:45 PM (Manufacturing PMI expected at 50.1, Services PMI at 51.5) will offer further economic health indicators. New home sales data at 7:00 PM is anticipated to show a decline to 674K from 693K.
Friday’s key data includes core durable goods orders at 5:30 PM (forecast at 0.1% versus 0.0% prior) and durable goods orders at -0.5% (down from 0.9%). The revised University of Michigan consumer sentiment index at 7:00 PM is expected at 67.7, slightly up from 67.4.
Additionally, FOMC Member Waller will speak again at 6:35 PM, potentially influencing market sentiment further. In conclusion, XRP’s technical outlook remains bullish above the $0.5185 pivot point. However, a break below this level could trigger a sharp selling trend.
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