The broader crypto markets rebounded on Friday, with Bitcoin skyrocketing to $95K for the first time in a month, while most major-cap altcoins soared up to 10%. Ripple (XRP) had seen a milder rebound so far, flirting with the $2.20 resistance line at the time of publication.
Federal Reserve Lifts Anti-Crypto Guidelines
Picking up 1.3% gains in 24 hours, XRP price is still 10.5% behind from where it was exactly a month ago, according to CoinGecko. While XRP bulls are yet to reclaim full territory, it could be noticed that the crypto market sentiment swiftly shifted from extreme fear to greed.
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Ignited by the 90-day pause in global tariffs, this sentiment is today solidified with the Federal Reserve officially withdrawing the anti-crypto guidance for traditional banks related to crypto asset transactions and management.
After multiple years of warning traditional banks regulated in the United States to stay away from crypto, now the tone has completely shifted and considers additional guidance to support the innovation that the blockchain brings. As the Federal Reserveโs crypto ban is officially lifted, XRP bulls could heavily infiltrate the traditional banking systems.
XRP Price In Oversold Area: Are Bulls Back?
As Ripple (XRP) price is trading just at the middle Bollinger Band (BOLL) depicted in blue in the graphic below, XRP bulls would have to push back to early March, 2025 levels. However, XRP bulls faced rejection at $3 then, as well as mid-late February. Since the SEC win-infused bull rally in January, 2025, XRP price was mostly supported by demand around $2.50.
Now, crypto market watchers are setting their eyes on the red-label Bollinger Band (BOLL) at $2.27, which could pave the way for an XRP price rally to $3 if it closes the day above the red envelope.
Fortunately for XRP bulls, the cross-border altcoinโs price range is deemed oversold by the Stochastic Relative Strength Index (StochRSI). Ultimately, this hints at the current XRP price still being severely knocked down by the crypto bears despite this weekโs 9.4% upswing.
On The Flipside
- Rippleโs native token picked up slight gains of 2% on Friday, but that didnโt stop from XRP bulls getting wiped out on Derivatives markets.
- Intriguingly, the past 24 hours had seen $2.71M leveraged XRP price liquidations in contrast to $2.21M in leveraged XRP short-sells.
Why This Matters
The United States Federal Reserveโs freshly lenient stance on crypto can open up integration opportunities, as Ripple is already used by big names in trad banking, including SEB, Santander, Canadian Imperial Bank of Commerce & many more.
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