In Brief:
- XRP spikes as stronger trading volume, possible steady September interest rate, improving technical indicators, and broad altcoin demand attract increased buyer participation across the market.
- XRP must defend the $1.30 to $1.35 support region before challenging resistance at $1.44, $1.55, and eventually the $2 target.
- Losing $1.30 would invalidate the breakout, while economic data, Federal Reserve expectations, and Bitcoin stability may influence XRP’s next direction.
XRP has gained 9.4% in 24 hours as improving indicators and wider altcoin demand attract cryptocurrency buyers. The token trades above its seven-day moving average near $1.38 and 200-day moving average around $1.27, while its RSI stands at 58.68. Trading volume increased 7.66% to approximately $2.88 billion, while the CoinMarketCap Altcoin Season Index gained 9.38% as capital moved beyond Bitcoin.
XRP and the broader crypto market experienced an immediate surge following comments from Fed Governor Christopher Waller, which reduced odds for a September rate hike to 38%. Waller noted at the central bank’s September meeting on Thursday that he is looking toward keeping interest rates steady as long as the upcoming inflation data brings no surprises.
XRP Breakout Places $2 Target Within Reach
According to market analyst Cleo Schmidt, XRP repeatedly faced rejection between $1.30 and $1.55 for several months. However, recent price action has transformed that former resistance region into an important support area.
Schmidt identified $1.30 to $1.35 as the range buyers must defend to preserve the breakout. Holding this area could support movement toward $2, although XRP must overcome several barriers first.
Significantly, the 50% Fibonacci retracement level sits near $1.34, reinforcing the importance of that support zone. A daily close above $1.40 could open a path toward $1.44 and strengthen confidence among buyers.
Beyond $1.44, XRP would face stronger selling pressure around $1.55. Breaking that ceiling would provide better confirmation that the projected advance toward $2 remains achievable.
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Support Determines What Comes Next
Although the structure appears constructive, XRP faces clear downside risks if buying activity weakens. A sustained decline beneath $1.30 would invalidate the breakout and trap traders positioned for additional gains.
Such weakness could push XRP toward support between $1.30 and $1.32 before another recovery attempt develops. Therefore, price action around $1.34 remains important for determining the token’s next direction.
Macroeconomic developments could also influence demand as investors evaluate employment data and Federal Reserve policy expectations. Strong economic figures may support restrictive rate expectations, placing pressure on cryptocurrencies and other risk-sensitive assets.
Overall, XRP’s rise reflects stronger volume, improving momentum, interest rate comments, and broader altcoin demand. Defending $1.30 to $1.35 keeps $1.44, $1.55, and $2 within reach, while losing support would weaken the bullish outlook.
Also Read: Bitcoin Stablecoin Demand Signal Weakens as BTC Holds Near $77,000
The post Here’s Why XRP Price Is Rising Today and What Comes Next appeared first on 36Crypto.