Ripple holders turn bullish with the altcoin’s run up to $0.49 ahead of the US Fed's rate hike decision.
XRP price broke into a solo rally with massive bullish potential, yielding 20.1% gains since Tuesday.
XRP bulls are attempting to reclaim the target of $0.50, facing tough resistance at $0.47 and $0.49.
Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.
Ripple price tags the $0.49 level in massive overnight price rally
XRP, the native token of cross-border payment settlement firm Ripple’s XRPLedger noted a massive surge in its price since Tuesday. XRP price kickstarted a solo rally attempting to hit the bullish target of $0.50, falling short and hitting a high of $0.49.
The altcoin’s price surge is riding the wave of recent banking crisis and anticipation of a quarter point interest rate hike by the US Federal Reserve. Crypto market participants have turned bullish on Bitcoin and altcoins since March 12, in response to the voluntary liquidation of the Silvergate bank and the collapse of tech-friendly SVB.
Fed’s measures to inject liquidity in the economy and protect banks from collapse has driven investors towards decentralization and cryptocurrencies. The altcoin’s progress in the recent lawsuit adds to the list of reasons driving its price higher in the short term.
As seen in the XRP/TetherUS four-hour price chart below, the target for XRP price is $0.5091. The altcoin is battling resistance at $0.4927. There is immediate support for the altcoin at $0.4678 and $0.4517.
XRP’s explosive move marks a 28% gain on March 21, and subsequent retracement thereafter. The altcoin is changing hands at $0.4566 on Binance at press time. A decline below 61.8% Fibonacci Retracement at $0.4354 could invalidate the bullish thesis for the altcoin.
