Ripple (XRP) Drops to Sub-$0.34 on Fed Fiscal Policy and Recession Fears
- Monday sessions saw XRP losing 6.33%, and the 3rd day in red out of four left the remittance token at sub-$0.34.
- Though the latest court rulings on the Ripple vs. SEC suit are a focal point, worries about the Fed monetary policy and the US economy weighed.
- Technical indicators suggest bearishness, with XRP hovering beneath the 100-day Exponential Moving Average.
Monday sessions had XRP losing 6.33%, extending Sunday’s 0.19% slide to close the day near $0.3359. however, mixed actions early yesterday pushed the token to the $0.3601 high before market forces plagued Ripple.
Failure to overcome the first massive resistance at $0.3649 welcomed declined towards the $0.3351 final hour low. XRP lost the first dependable support level to close the day near sub-$0.34. The altcoin has never plunged to these areas since 15 July.
Fed Jitters Muted SEC-Ripple Case Updates
More SEC vs. Ripple suit updates continued to hinder XRP’s journey to $0.40. While market players wait for the next move by SEC, market anguish over Federal financial policy plus recession fears plunged Ripple to sub-$0.34. This week remains busy for the markets, with the United States consumer confidence, inflation figures, and Q2 GDP attracting massive attention.
Fed’s Wednesday financial move might prove crucial for the marketplace. While investors await a 75bp hike, the Federal might introduce a 100bp rate increase in response to the latest economic indicators that confirms a possible recession. Risky assets will suffer under such an economic environment.
XRP Price Analysis
XRP traded at $0.3345 during this publication, dropping 0.39%. Range-bound actions (early on the day) propelled XRP to the $0.3372 early high before plunging towards the $0.3332 low. The remittance token should climb past the pivot at $0.3437 to target the $0.3523 initial massive resistance and the $0.3601 Monday high.
However, weakness around the pivot would clear the road to initial massive support at $0.3273. More declines would push the asset to the support at $0.3187. XRP’s 3rd foothold stands at $0.2937. Meanwhile, the 4hr candle chart and the EMAs revealed bearish signals today morning, with XRP hovering beneath the 100-day Exponential Moving Average, currently near $0.3482.
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