XRP Surges Ahead of FOMC Statement

XRP, the cryptocurrency backed by Ripple Labs, is gaining momentum just before today’s FOMC statement. This popular altcoin, valued at around $65 billion and trading at $3 billion daily, jumped over 8% in the last 24 hours. It reached a high of about $0.657, pushing it back to sixth place by market cap and overtaking USDC.

Big investors buy more as XRP breaks away from Bitcoin and other cryptocurrencies. Data from Santiment shows that Ripple holders with over 10,000 coins hit a six-month high of about 279,400 accounts. In just five weeks, two thousand three hundred eighty-nine new accounts joined this “shark” group. Accounts with over 100,000 XRP have also increased.

Ripple Labs’ progress in Web3 is driving XRP’s growth. Developers have upgraded XRPL to attract more DeFi projects worldwide. Ripple has launched a DEX, AMM, and EVM-compatible sidechain on XRPL. They plan to release a U.S. dollar-backed stablecoin on XRPL and Ethereum soon. To ensure a smooth launch of RLUSD, Ripple is partnering with ClearBank and Zero Hash.

The ongoing Ripple vs SEC case might end soon with a settlement as the SEC eases up on crypto investigations.

XRP Poised for Potential Rally: Technical Analysis and Market Outlook

Looking at the charts, XRP might test this year’s high of 75 cents if it stays above 66 cents in the coming weeks. The weekly RSI breaking out of a downtrend supports this bullish view. XRP has also remained above its 50 and 200-day moving averages recently.

XRP should find support between 54 and 50 cents if the crypto market drops.

This recent surge shows growing confidence in XRP and Ripple’s ecosystem. More investors are noticing as the company expands its offerings and resolves legal issues. The upcoming FOMC statement could further influence XRP’s price and the broader crypto market.

Investors and traders closely watch XRP’s performance, which is significantly outpacing that of many other cryptocurrencies. If this trend continues, Ripple could solidify its position as a top player in the crypto world.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.