XRP Price Holds $1.35 Support as ETF Inflows Target $1.80

The selling pressure ramped up after the token hit that mark, as early buyers started to cash out their profitable trades. As a result, XRP retested that 200-day EMA from above yesterday, and late buyers showed up to scoop up the token.

Market Sentiment Swings to Extreme Greed After Last Week’s Rally

The market is closely monitoring the speeches that come out of the Federal Reserve’s Jackson Hole Symposium. Last week, along with the U.S. Securities and Exchange Commission (SEC) newly proposed crypto rules, the Treasury Department announced an increase in its bond buybacks.

Secretary Scott Bessent appeared to have used this mechanism as a way to pressure the Fed into easing market conditions. As a result, the market no longer expects a rate hike in September.

Moreover, analysts are divided regarding the dot plot for the October meeting, as data from FedWatch show even odds of a 25 basis point hike by then.

It seems highly unlikely that the Fed will lower rates at this point with inflation running at 3.7%. However, the crypto market should greet any further delays in the next rate increase, which would support the continuation of this rally toward higher price zones.