XRP (XRP) has gone up by 3.3% in the past 24 hours following yesterday’s meeting of the Federal Open Market Committee (FOMC).
Trading volumes have more than doubled during this period and the price currently sits at $2.21 per token.
Trader Ali Martinez, whose X account is followed by nearly 137,000 users on X, shared two pivotal levels from which XRP could rally to higher highs in this positive environment.
The first of those levels is the $2 area, which coincides with the token’s 200-day exponential moving average (EMA). The price has bounced once from that area already and it was that price level that triggered the latest rally, meaning that trading volumes and buying interest is strong there.
The second key area highlighted by Martinez is $2.26. This one is the key resistance to watch down the road. If the price breaks above this marker, Ali’s XRP price prediction does not share a specific target for the token but he did say that a bullish or bearish breakout off these price levels could “set the tone for the next major trend.”
Key Levels to Watch for XRP as the Rally Accelerates
As expected, the Fed left interest rates unchanged for the time being. However, the Chairman of the U.S. central bank mentioned that they see a high risk of rising unemployment and high inflation as a result of the trade policies adopted by the Trump administration.
Still, the markets reacted positively to these comments, possibly as participants expect further rate cuts down the road if the economy shows signs of weakening growth.
This is a constructive scenario for XRP and other cryptocurrencies as lower rates provide higher liquidity to the market and tend to push prices higher.
Using Elliott Wave analysis, XRP appears to be in wave four of a bullish trend that could eventually push the price to at least $7.
The token has been consolidating since its December peak but has mostly remained above the 200-day EMA – a sign that the long-term trend remains intact.
As long as $2 holds as support, the price structure stays bullish, with a potential breakout above the $3.40 all-time high confirming the start of wave five.
Such a move would offer a 2x return from that level if XRP hits the $7 target.
While a $50 price remains a stretch for now, current market dynamics continue to support a positive outlook.
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The post XRP Compression Pattern Points to Liftoff – Is $50 XRP Still on the Table? (XRP Price Prediction) appeared first on Cryptonews.
