Over the last 24 hours, XRP, the seventh largest cryptocurrency by market capitalization, has seen a staggering 1.82 billion tokens traded, amounting to nearly $983 million in trading volume, according to CoinMarketCap data. This trading activity comes amid a period of increased volatility on the crypto market.
Crypto Market Overview
Cryptocurrencies traded lower on Friday as investors awaited the release of the August jobs report, amid mounting concerns of an economic slowdown. Bitcoin fell 1.42% in the last 24 hours, while ADA, LINK and Near, among other cryptocurrencies, lost 2% to 6%.
XRP Price Action
XRP was down 2.5% in the last 24 hours to $0.537. The market is anticipating the all-important August U.S. jobs report, which comes amid concerns about the status of the economy and labor market. Data released Thursday showed that private payrolls grew by 99,000 in August, significantly less than the 140,000 expected. The data fueled fears of an economic downturn and a deteriorating labor market, which were sparked by July's weaker-than-expected jobs report.
Future Forecast
The next Federal Reserve meeting is set to conclude with an interest rate decision on Sept. 18. XRP is currently battling support at the daily SMA 100 near $0.54. The possibility of a break and close below this key level raises the risk of further declines. If this happens, XRP might plunge toward $0.49. On the contrary, if buyers propel XRP above the daily moving averages of 50 and 200, the price may remain in the $0.54 to $0.64 range for a while. A break over $0.64 might pave the way for a potential surge to $0.74. In the meantime, a decisive break above the daily moving averages of 50 and 200 at $0.551 and $0.578 should be watched for a potential price reversal.
Overall, the cryptocurrency market remains under pressure amid anticipation of economic data and Federal Reserve decisions, impacting market price movements including XRP.
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