- XRP is currently priced at $2.28 after an 8% surge in the past day, with Bitcoin and Ethereum also riding the wave with a 6% and 10% surge, respectively.
- This is after President Donald Trump confirmed that he has no plans to fire the chair of the Federal Reserve, Jerome Powell.
After several volatile weeks, the cryptocurrency market is now beginning to get some stability back, with XRP being one such bright star. The Ripple network utility token fell to a low of $1.64 earlier this month and is currently at $2.28. This rebound sees a 10% surge on the previous week and an 8.88% rise over the past 24 hours, with XRP now eyeing the key $3.00 psychological resistance level.
Institutional players are also priming themselves for action, as XRP’s 24-hour volume shows an 118.85% hike to $5.4 billion. According to data from Coinglass, the derivatives market is showing significant activity with volume surging 106.66% to $10.24 billion and open interest rising by 24.18% to reach $3.52 billion.
The market saw a notable imbalance in liquidations during this period, with $8.46 million in short positions wiped out compared to just $2.63 million in long positions. However, while options open interest rose by 11.19% to $1.08 million, overall options volume declined by 29.14%, falling to $ 2.17K.
Crypto analyst Ali Martinez has noted on X that “XRP appears to be forming an inverse head and shoulders pattern, potentially setting the stage for a bullish breakout toward $2.70.” Supporting this outlook, the 50-day simple moving average (SMA) stands at $2.24, while the 14-day Relative Strength Index (RSI) is at 56.96, placing XRP firmly in its bullish $3.00 territory.
Trump’s Fed Comments Boost Market Confidence
This optimism comes after President Donald Trump reaffirmed he has no intention of firing Federal Reserve Chairman Jerome Powell at least before his term expires in May 2026. Trump made these remarks after the swearing-in ceremony of Paul Atkins as Chairman of the U.S. Securities and Exchange Commission (SEC).
“No, I have no intention of firing him, I would like to see him be a little more active in terms of his idea to lower interest rates. This is a perfect time to lower interest rates.” Trump told reporters.
As detailed in our last news piece, the Federal Reserve has not cut interest rates, after implementing a full percentage point reduction late last year. While it remains unclear whether a president even has the authority to remove a Fed chair, something no U.S. president has ever attempted, Trump’s comments alone were enough to stir investor optimism.
U.S. stock futures surged across major indexes in response to the remarks. In the crypto market, Bitcoin (BTC), the world’s largest digital asset by market cap, soared past the $90,000 mark and is now trading at $94,000. Ethereum (ETH) also saw a significant gain, rising 10.42% in the past 24 hours to $1,795.
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