XRP price rose by 0.5% in the past 24 hours as the cryptocurrency market's downward trend temporarily paused following the Federal Reserve's interest rate decision, according to analysts.
According to Crypto News on the 19th (local time), XRP price increased by 0.5% in the past 24 hours as the recent market downturn stopped after the Federal Reserve's decision to freeze interest rates. As expected, the central bank did not change the federal funds rate, but Chairman Jerome Powell claimed that two rate cuts are still anticipated this year.
As a result, Chairman Powell may have somewhat calmed the market at a time when investors are anxious due to heightened tensions in the Middle East.
Last week, XRP accumulated a 3.2% loss. However, the cryptocurrency analyst 'Crypto Beast', with 727,000 X account followers, seems to think that this Token now has significant upside potential as regulatory headwinds have disappeared.
Crypto Beast identified a bullish flag pattern for the Ripple network's native asset that could bring substantial gains in a short period. His basic XRP price forecast anticipates a surge to $10 after a bullish breakout is confirmed. He said, "Follow it or you'll regret it."
XRP has been trading sideways after experiencing a significant rise following Ripple's legal victory against the SEC and the appointment of Paul Atkins as the new regulatory leader.
Looking at XRP's 4-hour chart, this sideways movement has continued since Monday, showing the price trading between $2.33 and $2.10. Sideways patterns tend to anticipate a significant breakout. Due to the lack of direction, it's unclear whether a bearish or bullish XRP price prediction is preferred.
Traders should carefully watch how this pattern unfolds. To further confirm Crypto Beast's bullish XRP price prediction, the price needs to break through $2.35 with strong trading volume. This should be followed by retesting multiple upper resistance levels, with the most relevant first resistance line being around $2.65.
While XRP has not provided the outstanding returns investors might have expected throughout the year, Bitcoin (BTC) has already reached a new all-time high and is considered the top cryptocurrency as a safe asset.
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