XRP Bulls Eyeing $2 as Senate Vote and Fed Decision Loom
XRP has been consolidating around $1.40, but analysts have become increasingly bullish about its next move. The token's technical setups are pointing toward a potential surge of another 60% to $2.30. However, XRP would need to overcome significant resistance levels and liquidity maps that indicate a 70% probability of it moving higher through $1.50 and $1.60.
Two major events in the coming week could determine whether these technical setups play out. The US Senate is scheduled to hold its first procedural vote on the CLARITY Act on September 15, which could have significant implications for the crypto market. A day later, the Federal Reserve will deliver its latest interest-rate decision.
Analyst Celal Kucuker described XRP's technical structure as 'amazing,' with several formations pointing toward a target of $2.30. However, the asset would need to overcome liquidity maps that indicate resistance levels at $1.60 and $2.00. If it fails to do so, the bearish scenario could become more relevant.
CW offered another bullish technical scenario, indicating that XRP's previous correction bottomed around the 0.5 Fib retracement before the subsequent rebound carried it above the 0.618 level. The current version of such an expansion would bring the asset to over $2.10.