XRP Surges by Over 5% as Federal Reserve Rate Hike Triggers Altcoin Surge
The XRP price has surged by over 5% in the past 24 hours as the crypto market continues to recover from a busy week. The Federal Reserve's interest rate hike, which was widely expected, had a positive reaction from the market, with comments from the Fed's Chairman Kevin Warsh indicating a commitment to lower inflation via hawkish monetary policy actions.
The rate hike has led to a surge in altcoins, including XRP, as investors have piled into these assets. In fact, short liquidations spiked to $562 million yesterday and are sitting above $250 million in the past 24 hours alone, indicating an ongoing squeeze that could catapult the price of XRP above previous ceilings.
A bullish flag pattern has been forming on the daily chart for XRP, with a breakout above $1.50 confirming a resumption of the uptrend seen in late August. Using the flag's pole size as a reference, a price target of $2.10 is projected, indicating a 46% upside potential for the token.
The Relative Strength Index (RSI) has also confirmed a buy signal, with the indicator crossing above the signal line. This indicates that positive momentum is accelerating, and a move above the 60 level would confirm that bulls are in control of the price action.