The XRP prices recorded a minor drop of just 0.32% during the previous trading day and extended their losing streak. The price began the current trading day under the bearish influence and also fell below one of its major supports at $0.4596 and the second major support at $0.4545. However, the price witnessed a minor upswing, raising the levels beyond $0.46 but failing short of the first major resistance at $0.4681.
The XRP price has been deeply impacted by the updates to the Ripple v. SEC lawsuit. However, the recent trial was another quiet session with no major updates. As the lawsuit remains at the focal point, the FED also raised interest rates by 25 bps which soared the crypto market close to its pivotal resistance.
Moreover, the FED delivered a less hawkish interest rate decision as the members considered halting the interest rates, which have been surging for nearly 10 months in a row. This may be a bullish indicator for the XRP price which has been accumulating gains for the past few days.
The analyst here highlights the current condition of the XRP price rally which is hovering close to the red zone which is also the buy zone. He believes the price is primed to drop to the buy zone between $0.39 to $0.30 and may hold for a while. After a brief consolidation, the price may eventually rebound and rise finely from $0.50 to $0.55 initially.
Here, the bears are expected to intensify their presence, and withstanding minor selling pressure, the XRP price could resume surging high. The rally is believed to undergo a breakout from $0.58 and quickly rise high to reach the pivotal resistance at $0.88. Once these levels are secure, achieving $1 may not be a tedious job.