XRP Holds Above $3.00 Amid Fed Rate Cut Optimism
Ripple’s XRP is trading above $3.00 as investors watch the upcoming U.S. Federal Reserve interest rate decision. A 25-basis-point rate cut by the Fed could boost XRP’s price. This may help XRP move closer to its July 18 record high of $3.66.
On-Chain Data Shows Mixed Signals for XRP
Data from CryptoQuant shows strong XRP outflows from Binance. On September 11, about 146.3 million XRP left the exchange. This suggests holders prefer to keep their tokens in private wallets, a bullish sign.
However, XRP reserves on exchanges rose to 3.6 billion coins on September 12, up from 2.9 billion on August 31. More XRP on exchanges may mean increased selling pressure soon.
Retail interest remains high. XRP futures open interest reached $8.47 billion on Wednesday, up from $7.37 billion on September 7. This shows traders expect short-term price gains.
Technical Analysis: Support at $3.00 but Risks Remain
The 50-period Exponential Moving Average (EMA) on the 4-hour chart supports XRP near $3.01. The Relative Strength Index (RSI) is at 49, indicating potential for upward movement.
A break above $3.18 could push XRP toward $3.50 and possibly its all-time high of $3.66. However, a drop below $3.00 remains possible.
Investors will watch Fed Chair Jerome Powell’s comments after the rate decision. A hawkish tone could lead to a short-term price drop. Support levels to watch are the 100-day EMA at $2.98 and the 200-day EMA at $2.96.
