XRP’s Impressive Rally: Analyzing the Factors

• The crypto market has posted significant gains in the past 24 hours.
• XRP led the recent market rally, gaining 8% in 24 hours.
• Bitcoin reclaimed $60,000 ahead of the Fed’s Jackson Hole symposium.

The crypto market got a boost in the past 24 hours, with several top cryptos seeing significant gains. XRP led the rally, surging over 8% and forming a classic reversed Head and Shoulders pattern on its daily chart.

XRP’s rally marks a recovery from a 15% pullback after the altcoin jumped nearly 50% following the court ruling in the Ripple vs. SEC case. Monday’s price surge sparked optimism among crypto users, given its widespread nature, as most top cryptos also saw gains.

Notably, Bitcoin joined Monday’s market rally, climbing above $60,000 once again, with a break above the 0.5 Fibonacci resistance. The rally comes ahead of the Federal Reserve’s upcoming symposium in Jackson Hole, where the public expects the Feds Chair, Jerome Powell, and his colleagues at the central bank to discuss significant economic issues, especially interest rates.

Many believe the Fed will cut interest rates by September, given signs of cooling inflation and a slowing jobs market. However, investors are eager to know how much the central bank will cut rates. Most will be listening closely to Powell on Friday for clues about the future of monetary policy.

Apart from breaking above the horizontal Fibonacci resistance, Bitcoin broke above a three-week-long downward trendline on the daily chart. This move further solidifies users’ belief that the upward movement could signify the beginning of a new rally phase.

Dogecoin surged past $0.10 after Elon Musk made a humorous post on X, expressing his willingness to serve in the Department of Government Efficiency, abbreviated as DOGE. The post aligns with the famous Dogecoin memecoin, which has historical ties to the X owner. DOGE has continued its upward climb, gaining nearly 7% since the movement began.