The XRP price (XRP) has gone up by 0.5% in the past 24 hours as cryptos’ latest downtrend has taken a pause after yesterday’s interest rate decision from the U.S. Federal Reserve.
As expected, the central bank did not make changes to its federal funds rate. However, Chairman Jerome Powell did assert that they still expect to make two rate cuts this year.
As a result, he may have calmed down the markets for a bit at a point when rising tensions in the Middle East have rattled investors.
In the past week, XRP has accumulated a 3.2% loss. However, the crypto analyst “Crypto Beast”, whose account on X is followed by 727,000 users, seems to think that this token has significant upside potential ahead now that its regulatory headwinds have disappeared.
Crypto Beast has identified a bullish price flag pattern that could result in significant gains for the native asset of the Ripple network in the near term.
His baseline XRP price forecast sees a jump to $10 after a bullish breakout is confirmed. “You’ll regret not following,” he said.
XRP has been consolidating for a while now after the token experienced a significant jump following Ripple’s legal victories against the U.S. Securities and Exchange Commission (SEC) and the appointment of a new leader, Paul Atkins, for the regulatory agency.
Looking at XRP’s 4-hour chart, this consolidation has been going on since Monday and shows that the price has traded range-bound between $2.33 and $2.10.
Consolidation patterns tend to anticipate a big breakout ahead. They are not directional, so it is not possible to tell if they favor a bearish or bullish XRP price prediction.
Traders should keep an eye on how this pattern unfolds. To further confirm Crypto Beast’s bullish XRP price prediction, the price would have to break above $2.35 with strong trading volumes. This should lead to a retest of multiple upper resistances, the first and most relevant one being the $2.65 level.
Although XRP has failed to deliver the outstanding gains that investors may have been expecting throughout this year, Bitcoin (BTC) has already made a new all-time high as the top crypto is seen as a safe haven.
A new crypto presale called Bitcoin Hyper (HYPER) aims to unlock the huge potential of Bitcoin’s DeFi ecosystem by launching a Solana-power layer-2 scaling solution.
Bitcoin Hyper (HYPER) leverages the efficiency of the Solana Virtual Machine (SVM) to launch a layer-2 protocol for the Bitcoin network that will support the rapid expansion of its DeFi and meme coin ecosystem.
This solution will support cheap and fast asset transfer of Bitcoin tokens through a secure L2 that offers near-instant finality on all transactions.
The L2’s architecture is quite simple. BTC tokens are transferred to a Bitcoin address monitored by Bitcoin Hyper’s Canonical Bridge. Once the assets are received, they will be minted in the L2 via smart contracts.
As this solution gains popularity and becomes widely adopted by wallets and exchanges, the demand for $HYPER will explode.
