Despite overall weakness in the financial markets, XRP remains stable, trading around $2.82. This article discusses macroeconomic factors, technical indicators, and potential scenarios for altcoins.
Macroeconomic Situation
Weak initial jobless claims combined with other data reinforce concerns about a cooling labor market. Market participants believe that the Federal Reserve may be forced to cut interest rates to stabilize the economy.
XRP Technical Indicators
At this time, short-term outlooks for XRP remain bearish. Moving averages and oscillators signal 'sell,' while the RSI stays in a neutral zone, indicating indecision. The MACD also reflects weak momentum, underscoring the lack of buying conviction.
Altcoin and Market Prospects
Analyst Michaël van de Poppe highlighted strength in the altcoin sectors, pointing to a 'massive bullish divergence' on the TOTAL2/BTC chart. He believes that current price movements should not be mistaken for the start of a bear market, but rather as a 'new bottoming process' preceding strong recoveries. Additionally, it is noted that improved liquidity from Fed cuts could be a key catalyst for XRP and other altcoins.
Currently, XRP remains range-bound and awaits significant market signals. Potential changes in Fed policy create hope for improvement in conditions for altcoins.
