#XRP ETF Goes Live

#BTC Reserve Market Impact
#Fed Rate Cut Ahead
- XRP is giving mixed signals ahead of interest rate cuts by the Federal Reserve:

- The price of XRP remains above $3.00, supported by increasing optimism regarding interest rate cuts by the Federal Reserve.
- Outflows from the XRP exchange have increased, supporting short-term bullish potential, but rising exchange reserves indicate potential selling pressure.
- The 50-period exponential moving average provides short-term support on the 4-hour chart above the critical level of $3.00.
Ripple is trading at (XRP) above the critical level of $3.00 on Wednesday, as the broader cryptocurrency market awaits the U.S. interest rate decision. If the outcome is positive for cryptocurrency markets, it would lead to a 25 basis point rate cut by the Federal Reserve, which could support Ripple's upside potential and possibly drive it towards its all-time high of $3.66, reached on July 18.

- Evaluating the short-term bullish potential of XRP:
Some chain metrics, such as exchange flows (Binance), support positive expectations for the cross-border remittance token. According to Crypto Quant data, XRP holders are strongly withdrawing from Binance, preferring to hold their assets self-custodied.

Approximately 146.3 million XRP was withdrawn from the exchange on September 11, compared to weak outflows since August 27. This represents a bullish trend, reflecting investor confidence in the ecosystem and XRP's potential to maintain a recovery towards its all-time high.

Attached are the outflows from the XRP exchange - Binance

However, traders should temper their bullish expectations after the sudden rise in the cryptocurrency reserve index (Binance). According to Crypto Quant data, the average XRP balance on exchanges was 3.6 billion coins on September 12, compared to 2.9 billion coins on August 31.

Cryptocurrency holders deposit their assets in exchanges when they wish to trade or sell them. An increase in exchange balances indicates a potential selling pressure. Therefore, traders should exercise caution, despite the possibility of a rise, as gains may quickly be extinguished due to investors selling to realize profits.

Attached are the reserves of the XRP exchange - Binance

At the same time, the demand for XRP remains relatively high, with the average open interest for futures contracts at (OI) 8.47 billion dollars on Wednesday, up from 7.37 billion dollars on September 7.

Attached are the open XRP futures contracts.

The stability of the OI indicator, which is the nominal value of open futures contracts, indicates that more traders are betting on a short-term increase in XRP prices. As risk sentiment improves, the path of least resistance remains upward, increasing the chances of XRP reaching its all-time high of $3.66.

- Technical outlook: XRP maintains a bullish structure, but downside risks remain.
The price of Ripple is still above $3.00, with the 50-period Exponential Moving Average (EMA) at $3.01, providing additional support. The slight rebound of the Relative Strength Index (RSI) to 49 on the four-hour chart supports the likelihood of a short-term price increase for Ripple.

The bullish breakout above the next key hurdle at $3.18, which was last tested on Saturday, would strengthen the chances of reaching a bullish outcome towards the round supply area at $3.50 and the record high level at $3.66.

Attached is the daily chart for the XRP/USDT pair.

On the contrary, Ripple has not yet rid itself of danger, and a drop below $3.00 remains a possibility. With the Federal Reserve potentially lowering interest rates by 25 basis points, attention may shift to the statements of its chairman, Jerome Powell, following the meeting.

Investors will be waiting to see the central bank's forecasts for the remainder of the year, and whether additional rate cuts are expected. If a hawkish stance is taken, which could weaken macroeconomic forecasts, traders should also prepare for a short-term correction, likely bringing the 100-day exponential moving average at $2.98 and the 200-day exponential moving average at $2.96 within reach.