Will Powell’s Speech Delay XRP Price Surge to $1.3?

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As a seasoned analyst with over two decades of experience navigating the intricacies of global financial markets, I find myself cautiously optimistic about XRP‘s potential price breakout and rally to $1.3. While Powell’s remarks may not have had an immediate impact on XRP’s price, they certainly stirred up market volatility and could potentially affect investor sentiment in the long run.

A potential surge in XRP price towards $1.3 might be postponed following the contentious comments made by Federal Reserve Chair Jerome Powell during his speech on Thursday. Although these remarks weren’t explicitly about Ripple, any perceived political influence could trigger market fluctuations, affecting investor confidence and possibly influencing the overall crypto market, to which XRP belongs.

Will Powell’s Remarks Affect XRP Price?

On November 7, Federal Reserve Chair Jerome Powell stated that he has no intentions of stepping down, following a request from President-elect Donald Trump for him to do so. Trump commented that presidents possess the legal power to dismiss a head of the US central bank, in response to speculation by a Politico journalist that some of Trump’s advisors were urging Powell to resign.

Following the declaration that the Federal Reserve reduced interest rates to a span of 4.5% to 4.75%, marking the second consecutive decrease after a significant 0.5 percentage point reduction in September, Powell proceeded with his address.

Will Powell’s Speech Delay XRP Price Surge to $1.3?

Despite Powell’s comments, the XRP price remained unaffected because the overall crypto market responded favorably to the interest rate reduction, causing the Bitcoin price to soar beyond $76,600.

Powell’s argument is supported by law. Despite the Federal Reserve often being perceived as a barrier to decentralized finance (DeFi) due to its role as the sole issuer of fiat currency in the U.S., the crypto community must be patient until his term ends in May 2026.

On November 8, the value of XRP was trading at $0.5498, marking a decrease of approximately 1.4% over the past 24 hours. For some time now, there has been anticipation that XRP could experience a significant surge, potentially propelling it up by around 139%, surpassing its yearly highs.

XRP Price Analysis: $1.3 Target Still In Play

Since the end of 2021, the Ripple chart has exhibited a persistent decline following a descending channel, suggesting a prolonged bear market. This channel bounds the price movement, implying that the negative price pressure has been ongoing for an extended period.

In simpler terms, the lowest level where the price might hold steady is approximately $0.47, serving as a strong foundation. On the flip side, the highest point at which the price may struggle to rise is near $0.65, representing a significant resistance level within the falling channel.

The cost is moving close to the highest point of the falling trendline, which might imply a test of resistance. If it breaks out at this point, it could mean a change in direction, potentially rising by 139% to hit $1.3. This would be the first instance since 2022 that the XRP price surpasses the $1 barrier.

Will Powell’s Speech Delay XRP Price Surge to $1.3?

At the halfway mark, the Relative Strength Index (RSI) stands at 50.28, indicating a tug-of-war between the bears and bulls, each vying for dominance. Additionally, the upward trend of the RSI implies that there might be growing buying pressure ready to drive the price upwards.

Should the price of XRP drop beneath the middle line of the descending triangle, this action could nullify the present bullish prediction since it would then search for fresh support at approximately $0.35. A collapse from within the descending trendline would shift the sentiment towards Ripple becoming bearish.

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2024-11-08 12:03