XRP Rallies 4% Amid 99% Chance of Fed Rate Cut
The digital asset approached the $3.00 level with significant trading volume before consolidating. Support remains above $2.88, while resistance near $2.99 has been consistently tested.
News Background
- Federal Reserve futures indicate a 99% probability of a 25-bps cut on September 17, positively impacting crypto as a dollar-weakening trade.
- Exchange reserves hit a 12-month high, suggesting increased supply despite whales accumulating approximately 10M XRP in 15 minutes during the breakout.
- Six spot XRP ETF applications are pending SEC review in October, a key factor for traders.
Price Action Summary
- Session ran from September 8 04:00 to September 9 03:00.
- XRP rose from $2.89 to $2.995 intraday (+4%) and closed at $2.95.
- Volume peaked at 159.63M at 13:00—almost three times daily averages—indicating institutional involvement.
- Support was confirmed multiple times at $2.88–$2.89, while the $2.995–$3.00 zone faced repeated rejections.
- The final hour saw a rise from $2.94 to $2.95 (+0.34%) on a volume of 1.6M, indicating controlled accumulation.
Technical Analysis
- Support continues at the $2.88–$2.89 range.
- Resistance remains at the $2.995–$3.00 level after high-volume rejections.
- RSI indicates a neutral-to-bullish bias, steady in the mid-50s.
- MACD histogram is converging toward a bullish crossover, aligning with an accumulation phase.
- Price is compressing within a consolidation channel below $3.00; a close above $3.00–$3.05 could target $3.30–$3.50.
What Traders Are Watching
- Closing above $2.99–$3.00 is crucial for bulls to convert resistance into support.
- The Fed meeting on September 17 could impact liquidity expectations depending on the outcome.
- Whale inflows continue to be monitored, with about 340M tokens accumulated recently.
- SEC's October ETF rulings will be pivotal for institutional access and XRP's demand dynamics.