XRP is currently trading at $3.03, maintaining its position after a week where it saw an 8.12% increase. With a market cap of $181.16 billion and a daily trading volume of $5.29 billion, which has risen by almost 10%, investors are keen to see if the token can continue to hold above the $3 mark in the coming days.
One key factor that could potentially act as a catalyst for XRP is the upcoming Federal Reserve policy meeting scheduled for September 17. Speculation about a rate cut has already led traders to position themselves for potential gains in risk assets like cryptocurrencies. Given XRP’s recent strong performance, it is likely that the token could benefit from a positive market sentiment following the Fed’s decision.
From a technical standpoint, XRP has been showing a tendency towards higher prices, with support levels holding firm. The immediate support range is between $2.92 and $2.95, and as long as this range remains intact, analysts believe there is room for further upside movement. Resistance levels are currently seen around $3.10 to $3.15, with potential for a breakout towards $3.40 if these levels are breached. Further resistance lies at $3.80 and $4.30, which could come into play if momentum continues to build.
Despite ongoing volatility, the overall market sentiment remains positive for XRP. If the token can establish a strong base above $3, it is likely to see continued strength leading up to the Fed meeting. However, a drop below $2.92 would indicate a loss of control and could shift the short-term outlook.
For now, XRP appears to be stable above $3, with buyers showing support at key levels and preparing for further gains. The token’s ability to extend its rally will depend not only on technical factors but also on how the Federal Reserve’s decision shapes market sentiment in the coming week.