XRP Surges 4% as Fed Rate Cut Anticipation Reaches 99%
XRP shows strong support above $2.88 while encountering resistance near $2.99, as institutional demand shapes trading patterns.
Key Points to Note:
- XRP rallied toward $3.00 on high volume but faced resistance, maintaining support over $2.88.
- The Fed’s futures market suggests a 99% likelihood of a rate cut, potentially enhancing crypto investments.
- Six XRP ETF applications await SEC assessments, which could influence institutional engagement and demand.
Market Behavior Summary:
- Trading activity occurred between September 8, 04:00 and September 9, 03:00.
- XRP rose from $2.89 to $2.995, marking a 4% increase before closing at $2.95.
- Trading volume peaked at 159.63M during the session, nearly tripling typical trading volumes, emphasizing significant institutional participation.
Technical Insights:
- Support levels: Strong interest at the $2.88–$2.89 range continues to attract buyers.
- Resistance levels: Persistent rejections at the $2.995–$3.00 area demonstrate sustained selling pressure.
- Momentum trends: The RSI indicates a sustained neutral-to-bullish market sentiment.
Market Watch Elements:
- Closing above $2.99–$3.00 is crucial for market bulls for potential price stability.
- The upcoming Fed meeting on September 17 is significant; it could drastically affect liquidity conditions based on decisions made.
- Whale actions indicate accumulation, with approximately 340M tokens acquired over recent months, a trend traders are monitoring closely as ETF reviews approach.
- SEC decisions on pending ETF applications in October could substantially shift XRP’s institutional market dynamics.
