Summary
- XRP price is trading at around $2.64 with Federal Reserve’s interest rate decision expected tomorrow at 2PM eastern time and volatility likely to follow.
- Dovish policy on rates could trigger a breakout above $3.00 according to XRP price prediction analysts.
- On the other hand, a hawkish policy could see XRP pull back to $2.20, as higher rates discourage risk-on investment in assets like XRP.
XRP is trading near $2.64 as traders turn their attention to today’s Federal Reserve interest-rate decision, one of the most market-moving macro catalysts left this quarter.
Will a supportive Fed spark a breakout toward $3.00, or will a more cautious stance trigger a rejection back into the low $2 range?
Table of Contents
XRP price landscape on October 28th
XRP price has been ranging narrowly between $2.50 and $2.80, with attempts to break $3.00 thus far thwarted on the charts. Ripple (XRP) reclaimed its 200-day moving average around $2.60 recently, indicating underlying support. Spot volumes are down this week, but still indicate steady positioning rather than a selloff as traders still await clear signals from the market.
Sentiment will swing based on the Fed’s decision. If the Fed acknowledges cooling inflation and slower economic momentum by implementing rate increases, selling pressure on assets like XRP will likely increase. Other risk-on assets like BTC are also currently below recent breakout levels, with uncertainty around Fed rate policy a likely factor.
Upside case: Dovish Fed fuels breakout
If the Fed signals that rate cuts rem
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Author: Conor Maloney
