XRP price breakout and rally to $1.3 could be delayed after Federal Reserve Chair Jerome Powell’s controversial remarks during his speech on Thursday. While this is not a direct jab at Ripple, any perceived political interference could create market volatility, affecting investor sentiment and potentially impacting the crypto market, which XRP is a part of.
Will Powell’s Remarks Affect XRP Price?
Fed Chair Jerome Powell said on November 7 that he would not resign, and President-elect Donald Trump asked him to do so. He said presidents need the legal authority to remove a US central bank chief. These remarks arose after a journalist from Politico inferred that some of Trump’s advisors suggested that Powell resign.
After announcing that the Fed has lowered interest rates to a range of 4.5% to 4.75%, the second straight rate cut following a large 50 bps reduction in September, Powell delivered the speech.
Powell’s remarks did not affect XRP price as the crypto market positively reacted to the rate cut, sending Bitcoin price above $76,600.
Powell’s claim is backed by law. Although the Fed has long been seen as an impediment to decentralized finance (DeFi) because it is the sole fiat producer in the United States, the crypto community will have to wait until its term in office expires in May 2026.
The price of XRP trades at $0.5498 on November 8, having dropped 1.4% in the last 24 hours. XRP has been eyeing a major breakout for some time now, which could catapult it up 139% beyond yearly highs.
XRP Price Analysis: $1.3 Target Still In Play
The Ripple chart shows a consistent downward trend within a descending channel since late 2021. The price remains within this channel, indicating sustained bearish pressure over the long term.
The key support is around $0.47 (lower bound of the channel), while the resistance is on the upper boundary of the descending channel, currently around $0.65.
The price is pushing towards the upper boundary of the descending channel, indicating potential testing of resistance. A breakout here could suggest a shift in momentum, rising 139% to reach $1.3. It would be the first time the XRP price has exceeded the $1 mark since 2022.
The Relative Strength Index (RSI) is at 50.28 at the midpoint, which suggests that bears and bulls are fighting it out to see the winner. The RSI also points upward, showing that buying pressure could be building to propel the price.
If the XRP price breaks below the midline of the falling wedge, it would have invalidated the current bullish thesis as it would seek lower support around $0.35. A breakdown from from the falling channel would turn Ripple bearish.
Frequently Asked Questions (FAQs)
Powell’s speech didn’t directly impact XRP. The market initially reacted positively to the Fed’s interest rate cut, with Bitcoin rising above $76,600, indirectly boosting sentiment for XRP.
Yes, the $1.3 target remains intact as long as XRP breaks out of the descending channel. The Relative Strength Index (RSI) points upward, indicating potential buying pressure.
The Fed’s decision to lower interest rates led to a positive reaction in the crypto market, driving Bitcoin’s price higher, which in turn helped boost XRP’s short-term sentiment.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/will-powells-speech-delay-xrp-price-surge-to-1-3/
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