XRP Price Hovers Near $1.50 Resistance Amid Consolidation
XRP has gained over 3% in the past 24 hours as the cryptocurrency market consolidates following its late-August rally. The recovery comes despite a challenging macroeconomic environment, with market-implied expectations of a September interest-rate increase reaching approximately 60%, raising concerns that tighter financial conditions could pressure cryptocurrencies and other risk-sensitive assets.
Despite these concerns, sentiment remains positive, with the Crypto Fear and Greed Index standing at 73, firmly in 'Greed' territory. XRP's on-chain activity and daily chart also point to a larger move, but bulls must overcome resistance at $1.50 to confirm the continuation of the previous uptrend.
Exchange-traded funds linked to XRP attracted approximately $13 million in net inflows at the beginning of September, representing an average of roughly $3.3 million per trading day. If this pace continues, monthly inflows could reach between $60 million and $70 million, a decline of more than 50% from the previous month.
The Crypto Fear and Greed Index's reading of 73 indicates that investors remain optimistic despite concerns surrounding interest rates. However, elevated optimism can make markets more vulnerable to profit-taking. If the Federal Reserve delivers a more restrictive message than investors expect, sentiment could reverse quickly.