As a seasoned analyst with a decade of experience navigating the cryptocurrency market, I find myself intrigued by XRP‘s performance amidst the anticipation of the Federal Reserve’s policy meeting. The cryptocurrency landscape is often unpredictable, but XRP’s outperformance against other top 10 cryptocurrencies in this context is a sight to behold.
Currently, XRP – one of the top seven digital currencies by market value – is experiencing a positive trend amidst a broader market where many cryptocurrencies are seeing declines. This comes as investors hold their breath in anticipation of the Federal Reserve’s upcoming policy meeting, where experts predict that central bankers will lower interest rates for the first time since 2020.
In contrast to Tron (TRX), which saw a minor increase of 1.01%, XRP has been outshining other top 10 cryptocurrencies, with a rise of 2.3% over the last 24 hours, currently trading at $0.586. This seventh largest crypto by market cap has also shown impressive growth over the past week, climbing up by 9%.
On Tuesday and Wednesday, the Federal Reserve is set to convene, and it’s widely anticipated that they will lower interest rates for the first time since their increase cycle started in March 2022. Such a reduction this week would be a significant step, as it’s viewed as advantageous for riskier assets like cryptocurrencies.
After experiencing a profit-driven decline following three consecutive days of upward spikes, XRP experienced a substantial bounce back on September 16, peaking at $0.591. In the near future, the market will closely monitor any decisive break above $0.60 and $0.63 to determine if XRP’s bullish trend will continue.
In contrast, it’s anticipated that support will be found close to the 50-day and 200-day moving averages which are approximately $0.569 and $0.55 respectively, should there be a drop in price.
Eyes on Fed rate decision
This week, everyone’s attention is focused on the Federal Reserve, which is likely to lower interest rates. They are expected to make this announcement on Wednesday, following their two-day meeting. If they go through with it, this would mark the first rate cut since the Fed began increasing interest rates in March 2022.
Besides clues regarding future interest rate trends, investors will pay close attention, especially if additional reductions might occur this year. Two more meetings are planned for the year 2024 following this week’s event.
The main question hanging over the markets right now is how large the Federal Reserve’s interest rate reduction will be on Wednesday. According to the FedWatch tool provided by CME Group, there’s currently a 67% likelihood that the cut could be 0.5 percentage points, which is an increase from the anticipated 0.25 percentage point decrease from last week.
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2024-09-17 14:39