Ripple’s XRP coin seems to have significant resistance near the $1.50 mark. XRP made two unsuccessful attempts to breach the $1.50 price level. Once on April 17, and once again on May 10, According to CoinGecko dataThe asset price fell by 0.5% over the past 24 hours but has risen by 2,6% on the weekly chart, 4,9% on the 14-day chart, and almost 10% in comparison to the prior month. We’ll discuss the conditions that XRP might need in order to surpass $1.50.
What does XRP need to rally?
Last time XRP was above $1.50, it reached $1.60 in March. If XRP continues to move beyond the $1.50 level, $1.60 could be a potential resistance. XRP could have seen a recent rise in price due to Bitcoin’s (BTC) price stabilizing at $80,000. The XRP price is still struggling to reach $1.50.
Since quite some time, the crypto market is struggling to get back on track. Investors’ caution about investing in high-risk assets like cryptocurrencies could explain XRP’s reluctance of going beyond $1.50. The crypto market has been hindered by geopolitical tensions as well as macroeconomic uncertainty.
XRP has had a poor run in recent months. However, this could all change within the next couple of weeks. First, it is possible that the US will pass its highly-anticipated CLARITY Bill this month. As the legislation’s name implies, it aims to provide more clarity for the crypto-landscape. The confidence of investors could increase, leading to an increase in inflows. XRP would benefit from such conditions.
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Kevin Warsh will take the Federal Reserve over from Jerome Powell. Warsh should reduce interest rate as soon as his office is established, as President Trump insisted. If rates were reduced, XRP could see a surge in flows. This would lead to an increase in price.
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Source: watcher.guru
