XRP Price Edges Higher Amid Elevated Fed Rate Hike Bets
Ripple's price has edged higher above $1.38 on Monday as the broader cryptocurrency market experiences a surge.
The remittance token bounced off its near-term support level of $1.33, prompting bulls to return ahead of a potential breakout attempt above the next supply at $1.40.
However, volatility is expected to remain elevated this week due to several key events, including the US Senate's vote on the CLARITY Act on Tuesday and the Federal Reserve's monetary policy decision on Wednesday.
The FedWatch tool indicates an 88% chance that the Fed will raise interest rates to 3.75%-4.00% on Wednesday, which could lead to increased yields on risk-free assets like US Treasuries.
This could result in investors rotating capital out of cryptocurrencies and tech equities into safer, yield-generating assets.