The cryptocurrency market is in the green following a rocky start to the week. Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have increased in value by 4%, 7%, and 5%, respectively, over the last 24 hours.
They are now trading at key levels and could rally higher in the near term, with the bulls targeting $100,000 for BTC, $3,500 for ETH, and $2.35 for XRP.
XRP and other major altcoins rally higher amid investor optimism
XRP, the native coin of the Ripple blockchain, is up 5% in the last 24 hours and is currently trading at $2.15 per coin.
The positive performance comes thanks to easing US inflation and renewed political uncertainty around the Federal Reserve.
The Core CPI data came in as a surprise on Tuesday, indicating that inflation figures are declining.
This reinforced expectations that the Federal Reserve will continue cutting rates this year.
Lower inflation eased pressure on bond yields and improved liquidity conditions, allowing XRP and other major cryptocurrencies to rally higher.
The rally also affected the futures markets, with bears recording massive losses over the last 24 hours.
Data obtained from CoinGlass revealed that over $688 million in crypto derivatives positions were liquidated over the past 24 hours.
Per the data, bears recorded bigger losses, with $603 million worth of short positions wiped out from the market since Tuesday.
CoinGlass added that the liquidation affected nearly 122,000 traders, led by a $12.9 million ETHUSDT liquidation on Binance.
The liquidation highlights how aggressively traders had positions for downward movement ahead of the CPI data announcement.
With the PPI data to be published later today, XRP, Bitcoin, and other leading cryptocurrencies could rally higher.
XRP eyes the $2.35 mark
The XRP/USD 4-hour chart is bullish thanks to Ripple adding 5% to its value in the last 24 hours.
The ongoing rally confirms that XRP has found support around the 50-day EMA at $2.07.
The strong support level could serve as the spring that could push XRP’s price higher in the near term.
At the time of writing on Wednesday, XRP is trading at around $2.15.
If the bulls continue to push higher, XRP could extend its rally towards the next daily resistance level at $2.35.
The $2.5 psychological level could come into play once the bulls hit $2.35.
Similar to the other leading cryptocurrencies, XRP’s RSI and MACD indicators showed bullish signals and support a positive outlook.
The RSI stands at 58, above the neutral 50, while the MACD lines have crossed into the bullish territory.
However, if the market retraces following the recent rally, XRP could decline towards the 50-day EMA and a strong support level at $2.07.
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