Reserve

Momentum

Read

<ul>
 <li>XRP’s trading volume surged by 103% to $2.21 billion amid a broader cryptocurrency market downturn.</li>
 <li>Robust non-farm payroll figures for May contributed to significant market volatility, with XRP dropping to $0.454 before slightly recovering.</li>
 <li>The Federal Reserve is expected to keep interest rates unchanged next week, but there is a 68% probability of a rate cut in September.</li>
</ul>
A break above the 50 and 200 daily moving averages, approximately $0.524 and $0.576 respectively, could indicate a positive turnaround for XRP.&nbsp;
Presently, the cryptocurrency market is experiencing a significant downturn, severely affecting various digital currencies. Amid this turbulence, XRP has witnessed a notable increase in trading activity, with its volume soaring by 103%. XRP’s trading volume reached $2.21 billion in the last 24 hours, reflecting heightened interest and participation from traders.
The entire cryptocurrency market plunged on Friday as investors reacted to robust non-farm payroll figures for May. The report showed an increase of 272,000 jobs, up from April’s 175,000, and exceeding the estimated 190,000. Despite the job growth, the unemployment rate rose to 4% for the first time since January 2022, contributing to market anxiety.
<a href="https://www.tradingview.com/x/J1Prrg3l/" rel="noopener noreferrer nofollow">XRP</a> experienced significant volatility, dropping to $0.454 during Friday’s trading session due to these macroeconomic factors before slightly recovering. At the time of writing, XRP had decreased by 5.65% over the past 24 hours, trading at $0.4967.
The Federal Reserve is set to meet next week, with expectations that interest rates will remain unchanged both then and in July. However, CME data indicates a 68% probability of a rate cut in September, which could impact future market dynamics.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXe-1JA54lh3IrGeSnOHmEO7mol2rOXUTx6H5QSSOMx0pfpX7BDpT-koSajyKiEHodIHYWJI4OM3YcnkTrg-s-qhbkFiFSWU17d65cQNtEaLrKPZJEWN8OPmA8wW0UkWfbjDAP0wvT8ryn3aDwmnVHcdqkQ?key=XmpGrABdTA7lLekUmHNjiA" alt="">
</figure>
Source: TradingView
In the near term, if XRP does not manage to break above the key moving averages, it may find support around the $0.4294 level, serving as a critical foundation amid ongoing market volatility.
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/chainlink-surges-above-moving-averages-signals-bullish-trend/" rel="noopener noreferrer nofollow">Chainlink Surges Above Moving Averages, Signals Bullish Trend</a></li>
 <li><a href="https://cryptonewsland.com/xrp-faces-make-or-break-moment-at-0-5-support-bulls-eye-rebound/" rel="noopener noreferrer nofollow">XRP Faces Make-or-Break Moment at $0.5 Support: Bulls Eye Rebound</a></li>
 <li><a href="https://cryptonewsland.com/ethereums-bullish-trend-trading-above-key-moving-averages/" rel="noopener noreferrer nofollow">Ethereum’s Bullish Trend: Trading Above Key Moving Averages</a></li>
 <li><a href="https://cryptonewsland.com/why-all-eyes-are-on-xrps-possible-ascension-to-0-81/" rel="noopener noreferrer nofollow">Why All Eyes Are on XRP’s Possible Ascension to $0.81&nbsp;</a></li>
 <li><a href="https://cryptonewsland.com/cardano-surges-past-0-45-momentum-builds-despite-bearish-trends/" rel="noopener noreferrer nofollow">Cardano Surges Past $0.45: Momentum Builds Despite Bearish Trends</a></li>
</ul>
The post <a href="https://cryptonewsland.com/xrp-eyes-positive-rebound-key-moving-averages-signal-potential-recovery/" rel="noopener noreferrer nofollow">XRP Eyes Positive Rebound: Key Moving Averages Signal Potential Recovery</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

XRP Eyes Positive Rebound: Key Moving Averages Signal Potential Recovery

Crypto News Land

Other articles published on Jun 8, 2024

BlockDAG’s $46.4M Presale Success Propels It to the Top of CoinSniper Amid ADA & PEPE’s Highs

Crypto Trader Makes $2.4 Million on 12 Meme Coins: Here’s More

MoonBag Records Massive Influx of Fetch.AI and Pepe Users as $MBAG Staking Goes Live!

Top 5 Altcoins to Watch for Life-Changing Gains

Dogecoin Forms Bullish Inverse Head And Shoulders Amid Important Ordinals Update

Analyst Predicts Major Bull Run in Cryptocurrency Market

Join our free newsletter for daily crypto updates!