XRP Stuck at $1.09 Amid Ripple Mint Launch and Hawkish Fed Expectations
XRP is currently trading near $1.09 as it navigates the launch of Ripple Mint and the Federal Reserve's decision on interest rates.
The token has managed to hold its ground above the ascending trendline that provided support since the end of June, but remains trapped below all significant moving averages.
Ripple's momentum is strong, with impressive fundamentals including the introduction of Ripple Mint, investment in Notabene, and adoption of RLUSD by exchanges. However, these milestones don't necessarily move the price in the short term, as funds are accumulating in BTC rather than rotating into alts.
The Federal Reserve's decision this week will be a dominant macro event, with a more hawkish stance potentially resulting in USD strengthening and risk assets declining, including crypto and XRP. A dovish statement could lead to lower inflation and cause short-term indicators to rebound.