The Federal Reserve opted to keep interest rates unchanged during the December 13 Federal Open Market Committee (FOMC) policy meeting. This decision, eliminating the prospect of further rate hikes, is viewed positively by the crypto market. Bitcoin and altcoins, notably XRP, have seen gains in the last 24 hours, with XRP reaching $0.6237 on Thursday.
Market Movement Overview: FOMC Meeting Impact on XRP Price Following the FOMC meeting, where policymakers maintained the federal funds rate at 5.25% to 5.50%, optimism surged within the crypto sphere as no further interest rate hikes were in the offing. Consequently, Bitcoin rose above $42,700, and XRP rallied to $0.6332 on Wednesday.
The ongoing SEC v. Ripple lawsuit might conclude in 2024 or, in the absence of a settlement, see a resolution next year with a window for appeals remaining open until 2025. Judge Analisa Torres’ ruling on July 13 was seen as a partial win for Ripple in this cross-border payment remittance case. Anticipations are high among XRP holders for a favorable outcome in the lawsuit, with legal expert John Deaton predicting a potential $20 million settlement.
Despite recent fluctuations, XRP’s price recovery aligns with the FOMC meeting, and its current upward trend, initiated in mid-October 2023, indicates a possible continuation towards the $0.7430 target, marking the 61.8% Fib level from its July 13 high to the August 17 low. However, a daily close below the 50-day Exponential Moving Average (EMA) at $0.6129 might challenge this bullish trend, leading to a downside target of the 200-day EMA at $0.5602.
