XRP Price Tumbles 10% as Markets Await Fed Rate Decision
The price of XRP has fallen by 10% over the past 24 hours and 11.2% over the week, reaching $1.27. This decline breaks a key technical support level that analysts had been monitoring for weeks.
Casi Trades notes that until XRP can break above $1.65 and hold it as support, lower price targets remain in play. She sees three specific price zones to watch: around $1.10, where there is strong technical support; $0.87, which wouldn't ruin the bigger bullish picture but would mean a longer recovery time; and breaking above $1.65, which would make the case for dropping to lower levels less likely.
Casi Trades emphasizes that the most important level to watch right now is $1.10, as this is where XRP needs to prove it's starting a fresh upward move. She's keeping $0.87 on the table as a real possibility and notes that today's Federal Reserve rate announcement could be the deciding factor in which path XRP takes.
The market is pricing in a roughly 93% probability of a quarter-point hike, and Fed Chair Kevin Warsh's framing of the path forward in his press conference may have a bigger impact on markets than the hike itself.