What to Know:
In hindsight, a sell-off after yesterday’s rate cut decision does make sense. After all, over 98% of market participants anticipated the cut – and when a move is that widely expected, there’s simply no fuel left behind it.
Not to mention, Federal Reserve Chairman Jerome Powell definitely spooked investors by saying that a December rate cut is ‘not a foregone conclusion.’
With the FOMC meeting behind us, the focus now shifts to pure price action, especially in the case of $XRP, which is trading in a crucial zone.
On the two-day timeframe, $XRP’s July run-up came after the breakout of a clean and long-standing descending triangle pattern – according to which the token’s next target should’ve been around $4.50.
Sure, while this ‘drop’ has effectively completed a successful retest of the breakout trendline, the token now faces the $2.70 level on its way back up.
This particular level (blue box), mind you, has become an important resistance zone for $XRP.
However, some short-term volatility notwithstanding, $XRP’s long-term picture looks incredibly bullish.
After a sharp 230%+ rally in November alone, $XRP mostly moved sideways, suggesting we could be witnessing a long-drawn consolidation phase before the next leg up – potentially toward $15.
Sounds unrealistic? It’s actually far from it. Just look at $XRP’s history on the charts.
So, there’s a high likelihood we’re in the early stages of yet another moonshot rally.
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Disclaimer: Crypto investments are highly risky, so kindly invest only after doing your own research. This article is not financial advice.
