XRP price has been in a steady uptrend over the past 24 hours, moving in tandem with the generally bullish momentum in the crypto market. At press time, XRP was trading 2% higher at $0.4630, building on gains made in its previous trading session. The asset has a total market cap of $24 billion, ranking as the 6th largest after USD Coin and slightly ahead of Cardano.
XRP price has been consolidating for the past few days amid increased volatility in the cryptocurrency market. However, the current growth in its daily upsurge has helped wipe out some of the losses made in previous trading sessions.
The global crypto market has been trading sideways for the past few days, characterized by a mix of bullish and bearish growth. Investors have been fretting about the impasse around the US debt ceiling talks and the prospect of an unprecedented default by the US government. The uncertainty around the outcome of the negotiations has investors in conservation mode, especially around risk assets such as stocks and cryptocurrencies.
According to data from the US Commerce Department, inflation levels remained elevated in April, reinforcing chances of the US Federal Reserve hiking its interest rates. The Personal Consumption Expenditures (PCE) price index rose 0.4% in April, slightly ahead of the 0.3% estimate by analysts, while the gauge rose 4.7% on an annual basis. Despite the stubbornly high inflation rate, consumer spending held up well as personal income increased.
Higher interest rates, as well as regulatory concerns, have the potential to sway the market and the XRP price in the upcoming months. Uncertainty around the SEC lawsuit against Ripple Labs has remained a major concern for the altcoin.
XRP Price Outlook
The daily chart shows that the XRP price has been moving sideways for the past few days, trading between the tight range of $0.4750 and $0.4450. Even so, the asset’s outlook looks promising and steady. XRP has managed to move above the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved higher into the neutral zone, with the Moving Average Convergence Divergence (MACD) indicator suggesting an increase in buying pressure.
Therefore, despite the macroeconomic uncertainty, the XRP price is likely to hold its current bullish momentum as buyers eye the key resistance level at $0.5. On the flip side, a move past the support level at $0.4330 will invalidate the bullish view.