XRP Faces Pressure Amid Mixed US Economic Data
Ripple’s XRP price moved between $2.83 and $2.93 on Thursday. This narrow range shows weak market sentiment. The broader cryptocurrency market is also volatile due to mixed US economic reports.
US Jobless Claims and Economic Data Impact Crypto
- US jobless claims fell to 218,000 for the week ending September 20.
- This number was lower than the expected 235,000 and down from 232,000 the previous week.
- The Federal Reserve cut interest rates by 25 basis points on September 17.
- Fed Chair Jerome Powell linked the rate cut to a softer labor market.
- US GDP growth was 3.8%, beating expectations of 3.3%.
- The Q2 PCE price index rose to 2.6%, above the Fed’s 2% target.
The drop in jobless claims shows a strong labor market. This may reduce pressure on the Fed to cut rates further. However, inflation remains above target, complicating the Fed’s goals. Investors expect more rate cuts in the fourth quarter, which could boost crypto prices. Still, mixed economic signals keep the market uncertain.
XRP Technical Outlook: Support and Resistance Levels
XRP is holding support at $2.83, near the 100-day Exponential Moving Average (EMA). It faced resistance at the 50-day EMA of $2.94. The Relative Strength Index (RSI) is at 43, indicating weak bullish momentum. The Moving Average Convergence Divergence (MACD) shows a sell signal, adding to downward pressure.
If XRP falls below $2.83, the next support is the 200-day EMA at $2.60. A break below $2.50 would be a key downside level. For recovery, XRP needs to rise above $2.94 and break the downtrend from July. Until then, the market remains cautious.
