XRP Price Outlook Seems Promising as US Debt Ceiling Deal Sparks Risk Sentiment

XRP price has been successful a dependable uptrend for 5 consecutive days contempt macroeconomic factors weighing connected markets. At the clip of writing, XRP was trading somewhat higher astatine $0.4853, with its marketplace headdress inching higher for the day. The coin’s measurement has besides moved higher successful the past 24 hours, hinting astatine a bullish outlook.

XRP terms has staged a important betterment successful the past fewer days, jumping much than 6% successful the past week. The coin has managed to unafraid a spot among the best-performing altcoins successful the past week. Its marketplace headdress has tilted higher to $25 billion, ranking the plus 6^th aft USD Coin.

The cryptocurrency marketplace was successful the greenish connected Monday, with the planetary crypto marketplace headdress jumping much than 1% implicit the time to $1.15 trillion. The full cryptocurrency marketplace measurement accrued by astir 62% implicit the aforesaid period. The caller rally successful the crypto marketplace has been connected the backmost of the finalization of the US indebtedness ceiling woody that has been gnawing connected markets for the past fewer days.

The US dollar shied distant from its six-month precocious connected Monday aft US President Biden and House Speaker Kevin McCarthy finalized a fund agreement, suspending the $31.4 trillion indebtedness ceiling to 2025. This volition let the US authorities to proceed borrowing wealth and wage its bills connected time. Even so, Congress indispensable walk the woody earlier June 5, erstwhile the US Treasury is said to tally retired of cash.

The US indebtedness ceiling deal lifted hazard appetite successful planetary markets portion denting the greenback’s safe-haven appeal. The woody has seen hazard assets specified arsenic cryptocurrencies and stocks rally. However, concerns that the Federal Reserve is apt to hike its involvement rates further successful its adjacent June gathering person continued to measurement connected the assets.

The economical resilience successful the United States has reinforced markets expectations of the Fed hiking its funds complaint successful June. Higher involvement rates person the imaginable to sway cryptocurrency markets. In absorption is the CB Consumer Confidence information for May acceptable to beryllium released connected Tuesday.

XRP terms appears optimistic with its caller marketplace trends suggesting a bullish trend. XRP terms has moved past the descending transmission shown successful yellow. The plus has managed to determination supra the 50-day, 100-day, and 200-day exponential moving averages (EMA). It is besides hovering supra the 50-day and 100-day elemental moving averages (SMA). Its Relative Strength Index (RSI) has jumped to 62, somewhat beneath the overbought zone.

As such, the XRP terms is apt to further widen its uptrend successful the upcoming fewer weeks arsenic buyers oculus this year’s precocious astatine $0.5850. However, we cannot regularisation retired a determination beneath the 50-day EMA which volition invalidate the bullish view.