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Following a profit-taking move after three days of sharp rises, XRP rebounded significantly on Sept. 16, reaching highs of $0.591. In the short term, the market will watch for a decisive break above $0.60 and $0.63 for the continuation of XRP's bullish momentum. On the other hand, support is envisaged near the daily moving average of 50 and 200 at $0.569, and $0.55 in the event of a price fall., which is almost certainly going to decrease interest rates. The decision will be announced on Wednesday when the two-day meeting concludes. This would be the first rate cut since the Fed started raising interest rates in March 2022.Investors will also be seeking hints about the interest rate outlook, particularly if further cuts are expected this year.
The biggest uncertainty in markets remains the size of the Fed's rate cut on Wednesday. Per CME Group's FedWatch tool, traders were last pricing in a 67% chance of a 50 basis point drop, up from last week's 25 basis point cut.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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