The statements made by US Federal Reserve (Fed) Chairman Jerome Powell on November 7 sparked controversy in the crypto market. Especially Ripple (XRP) 
$0.550297 It may be difficult for some crypto assets to reach their price targets in this environment of uncertainty. Although Powell’s speech does not contain a direct message for Ripple, the perception in the markets and the volatility this perception may create may have an impact on the XRP price.
Could Powell’s Statements Affect XRP Price?
Jerome Powell made it clear that he would not resign and emphasized that US presidents should have the legal authority to remove the Federal Reserve Chairman. This statement came after a question suggested that some of Trump’s advisers suggested Powell’s resignation.
At the same time, the Fed created a positive atmosphere in the markets by reducing interest rates to the range of 4.5% and 4.75%. This cut came for the second time after the large 50 basis point interest rate cut in September. Bitcoin with interest rate reduction 
$76,133 It surpassed the $76,600 level.
XRP Price Analysis: Can It Approach the $1.3 Target?
Ripple charts have been moving in a descending channel since late 2021. This channel puts long-term downward pressure on the price. XRP maintains the potential to test the upper limit of the channel, which currently sits around $0.65. The main support level is at $0.47.
The last price of XRP is $0.5498 and it is down 1.4% in the last 24 hours. Aiming for a significant increase on an annual basis, XRP aims to reach $1.3 with a 139% increase. Relative Strength Index (RSI) is at 50.28; This shows that the bear and bull markets are in balance. The upward movement of the RSI indicates that buyer pressure may support the price.
XRP and the Future of the Crypto Market
XRP continues to move within a market that may be affected by Powell’s statements. The current price trend and technical indicators suggest that the $1.3 target is still on the table. However, investors are advised to proceed with caution, considering the uncertainty created by Powell’s speeches. The overall condition of the crypto market will continue to have an impact on XRP’s short-term performance.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
