XRP’s price has surged by 3.5% in the last 24 hours, reaching an intra-day high of $0.59. This rise comes as part of a broader crypto market rally, with the total market capitalization climbing by 4.5% to $2.1 trillion. Traders are eagerly awaiting the Federal Reserve’s interest rate decision, which is expected to play a crucial role in shaping XRP's short-term movement.
🔮 Anticipation Builds Around Fed Rate Cut
The focus is now on the Federal Reserve’s upcoming interest rate decision on September 18. Futures markets are currently pricing in a 61% chance of a 50 basis points rate cut, significantly higher than the 34% chance seen last week. If the rate cut happens, XRP and other risk assets could see even stronger rallies as a result.
🔮 XRP Trading Volume and Open Interest Surge
XRP’s bullish momentum is further supported by a 7% rise in open interest, now sitting at $661.7 million. This shows a growing number of futures traders are eyeing XRP, injecting more money into the market. Additionally, XRP’s spot trading volume has increased by 79% over the past week, totaling $1.2 billion. Both retail investors and futures traders are driving XRP’s ongoing rally.
🔮 Can XRP Break Through $0.60?
With rising volumes and strong futures activity, XRP has the potential to push past the key $0.60 resistance level. As traders await the Federal Reserve’s decision, all eyes are on XRP to see if it can continue its upward trajectory in the days ahead.
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