Baxia Markets
February 29, 2024

XRPUSD Bullish Momentum Continues Amidst Economic Shifts

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In recent market movements, XRPUSD experienced fluctuations driven by economic events, particularly the US GDP announcement. Let's delve into the key takeaways and insights shaping XRPUSD's trajectory.

Following the release of US GDP figures yesterday, which fell short of expectations at 3.2% versus the forecasted 3.3%, XRPUSD initially witnessed a temporary downturn. However, the currency pair rebounded swiftly from this setback. Today, XRPUSD managed to climb back to the recent swing high at $0.60, showcasing its resilience amidst economic turbulence.
XRPUSD: Bullish Momentum Continues Amidst Economic Shifts
Today, XRPUSD traders are closely monitoring two significant economic indicators: core PCE (Personal Consumption Expenditures) and US initial jobless claims. Forecasts suggest a decline in core PCE data to 2.8% from the previous 2.9%, indicating a potential slowdown in inflation and a weaker outlook for the USD. Additionally, economists anticipate higher jobless claims, which, if realized, could exert further downward pressure on the USD and bolster XRPUSD.

Technical analysis reveals several bullish signals supporting XRPUSD's current momentum. Both Bollinger Bands are expanding, signaling heightened market volatility. Moreover, prices are trading above the upper side of the volume profile's value area, indicating a bullish market sentiment. Key support lies at $0.5337, highlighting a critical level for traders to monitor.

The Exponential Moving Averages (EMA) 50 and 200 further validate the bullish outlook for XRPUSD. Both EMAs are expanding and pointing in the same upward direction, suggesting a robust bullish trend with significant momentum. This alignment underscores the potential for further upside movement in XRPUSD.

Oscillator indicators, including the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), reaffirm the bullish sentiment surrounding XRPUSD. The MACD's signal line and histogram remain above the zero line, indicating bullish momentum, while the RSI has consistently traded above the 40% to 50% levels, reflecting bullish strength.

In summary, despite initial volatility triggered by the US GDP announcement, XRPUSD has demonstrated resilience and maintained its bullish trajectory. With upcoming economic data releases and strong technical indicators supporting its upward movement, XRPUSD appears poised for further gains in the near term. Traders should keep a close watch on key support levels and economic developments for insights into XRPUSD's future direction.

Key Economic Releases to Watch Today

EUR, German CPI (YoY) 

Forecast 2.6% vs Previous 2.9%

US, Core PCE Price Index 

Forecast 2.8% vs Previous 2.9%

US, Initial Jobless Claims

Forecast 209K vs Previous 201K


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