The price of Ripple (XRP) has risen 1% in the last 24 hours. The reason, behind the abrupt drop reaching $2.87investors have taken advantage of the correction towards $1.98 to perform shopping and boost its value according to Francisco Memoria at Cryptoglobe.
The increase occurred gradually from the minimum, which was seen after the Federal Reserve to reduce interest rates by 25 basis points and his presidente Jerome Powell suggested a more aggressive stance, suggesting fewer rate cuts would be made next year.
Powell’s comments dampened investor sentiment and hit risk assets across markets, with the stock market benchmark S&P 500 falling more than 3.5% before recovering, although it was still a 1.2% down on the week.
However, the positive feeling of the market has benefited XRP, and the Popular cryptocurrency analyst Ali Martínez suggested that if the cryptocurrency price can stay above the 2.2 dollarsmay end up rising to the resistance level of 2.7 dollars.
It is also worth noting that, according to the report Digital Asset Fund Flows de CoinSharesduring the past week, the XRP-focused investment products attracted entries from 8.8 million dollarsbringing year-to-date entries to 430 million dollarsmore than half of its total assets under management.
Several catalysts were behind XRP’s significant rise this year, including Republican candidate Donald Trump’s victory in the US presidential election and several XRP spot ETF filings, along with Ripple’s launch of its RLUSD stablecoin.
Ripple It is trading in the red at midday on Tuesday at $2.23. The 70 and 200 period moving averages remain below the price, RSI is down at 53 points and the MACD lines are above the zero level.
Medium-term resistance is at $2.90. Meanwhile, Ei indicators are mixed.
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