XRP Takes 10% Hit as Markets Wait for Fed Rate Decision
XRP has taken a significant hit in recent hours, dropping by 10% over the past 24 hours and 11.2% over the week. This decline broke through a key technical support level that had been monitored closely for weeks.
The Federal Reserve's rate announcement is set to take place at 2:00 PM ET today, with markets pricing in a roughly 93% probability of a quarter-point hike. Analysts are more focused on how Fed Chair Kevin Warsh frames the path forward in his press conference shortly after.
Casi Trades is keeping a close eye on three specific price zones, treating everything else as noise for now. The first key level to watch is around $1.10, where strong technical support could keep the door open for a bigger move back above $2 later. If XRP drops to $0.87, it wouldn't necessarily ruin the bigger bullish picture, but would mean the recovery takes longer than expected.
The third price zone Casi Trades is focused on is more bullish - if XRP can break above $1.65 and hold it, pushing to $1.78 could make the case for dropping to those lower levels much less likely. Today's Fed decision may end up being the deciding factor in which path XRP actually takes.