Today, the Federal Reserve's policy update is expected to be a significant event for the cryptocurrency market.
Expectations from the Federal Reserve
According to CME FedWatch data, most experts expect the Fed to keep interest rates unchanged. This expectation of rate stability has a 99.1% probability. However, the importance of the meeting lies in the future prospects that Federal Reserve Chair Jerome Powell will outline, considering political pressures and inflation risks.
Current Conditions in the XRP Market
XRP price has recently remained in a range just above the $2.10 mark, creating conditions for a potential breakout. Despite the overall lull in the markets, certain indicators suggest that significant movement of the asset is possible in the near future.
Potential Movements of XRP
XRP stands at a crossroads: if it breaks upwards, the price could reach $2.66, marking a 24.88% gain. Conversely, a downward break could see the price drop to $1.61, which would be a 24.41% loss. Market expectations regarding the Fed's messaging could significantly impact these scenarios.
The Fed's decision and its subsequent commentary may be a decisive factor for the cryptocurrency market and XRP's value in the coming months.
