Ripple’s XRP added 11% to its value in the last seven days and has stabilised around the $2.6 mark over the previous few hours.
The recent positive performance brings XRP’s year-to-date gains to 28%, with further gains expected ahead of the FOMC meeting today.
Analysts are expecting a rate cut later today, and this could push XRP’s price higher in the near term.
FOMC meeting could push prices higher
XRP has been one of the best performers among the top 10 cryptocurrencies by market cap in the last seven days.
The coin has benefited from a rise in the general market sentiment.
The Fear and Greed Index has surged from a 30-day low of 25 to 42 as investors shake off the effects of the ongoing tariff war between the United States and China.
This has allowed Bitcoin to climb above $115k in recent days, with altcoins such as XRP also benefitting heavily.
In addition to that, the market cap of Ripple USD (RLUSD), the network’s native stablecoin, is about to reach $900 million for the first time in history, indicating the growth of the broader Ripple ecosystem.
XRP’s price has also benefited from increased institutional adoption in recent weeks.
Evernorth recently completed its $1 billion worth of XRP acquisition, making it one of the largest XRP corporate treasuries.
The company joins VivoPower International in the list of XRP-focused treasuries, with companies such as Trident Digital Tech Holdings also making plans to launch similar initiatives.
Finally, the CME-listed futures tied to XRP and Solana saw record open interest on Monday as the demand for the regulated products continues to rise.
The derivatives giant reported a record 9,900 XRP and micro XRP active contracts on Monday. It also saw 15,600 open positions in standard and micro SOL futures, bringing the total for the two to $3 billion.
The milestone reveals the increasing adoption of regulated futures as a preferred venue for investors seeking exposure to cryptocurrencies.
XRP stabilises above $2.6, eyes the $3 mark
The XRP/USD 4-hour chart remains bearish and inefficient ahead of the crucial FOMC meeting later today.
XRP faced a rejection from the 50-day EMA at $2.68 earlier this week and declined to the 200-day EMA at $2.61 on Tuesday.
However, it has slightly bounced back and is now trading above $2.62 per coin.
The technical indicators have improved in recent days, and XRP could rally higher over the next few days.
If the support level at $2.61 holds and XRP closes its daily candle above $2.68, it could rally towards the $3 psychological level over the next few hours or days.
The 4-hour RSI of 62 shows that buyers are currently in control, with the MACD lines also supporting a bullish view.
However, failure to close above the $2.68 level could see XRP undergo a correction and decline towards the $2.35 daily resistance zone.
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