XRP Eyes Positive Rebound: Key Moving Averages Signal Potential Recovery

June 9, 2024 at 01:05 AM GST updated: June 9, 2024 at 12:20 AM 2 mins read News

XRP’s trading volume surged by 103% to $2.21 billion amid a broader cryptocurrency market downturn.
Robust non-farm payroll figures for May contributed to significant market volatility, with XRP dropping to $0.454 before slightly recovering.
The Federal Reserve is expected to keep interest rates unchanged next week, but there is a 68% probability of a rate cut in September.

A break above the 50 and 200 daily moving averages, approximately $0.524 and $0.576 respectively, could indicate a positive turnaround for XRP.

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Presently, the cryptocurrency market is experiencing a significant downturn, severely affecting various digital currencies. Amid this turbulence, XRP has witnessed a notable increase in trading activity, with its volume soaring by 103%. XRP’s trading volume reached $2.21 billion in the last 24 hours, reflecting heightened interest and participation from traders.

The entire cryptocurrency market plunged on Friday as investors reacted to robust non-farm payroll figures for May. The report showed an increase of 272,000 jobs, up from April’s 175,000, and exceeding the estimated 190,000. Despite the job growth, the unemployment rate rose to 4% for the first time since January 2022, contributing to market anxiety.

XRP experienced significant volatility, dropping to $0.454 during Friday’s trading session due to these macroeconomic factors before slightly recovering. At the time of writing, XRP had decreased by 5.65% over the past 24 hours, trading at $0.4967.

The Federal Reserve is set to meet next week, with expectations that interest rates will remain unchanged both then and in July. However, CME data indicates a 68% probability of a rate cut in September, which could impact future market dynamics.

Source: TradingView

In the near term, if XRP does not manage to break above the key moving averages, it may find support around the $0.4294 level, serving as a critical foundation amid ongoing market volatility.