Ripple price has pulled back after a rise of close to 7% on Sunday. Other altcoins have exhibited a similar trend with Ethereum pulling back from an intraday high of 2,175.75 after a surge of 4.80% on Sunday. At the same time, Bitcoin has eased from a high of 34,694.95. In the previous session, the leading cryptocurrency had its price rise by close to 5%.
In the ensuing sessions, Ripple price will be reacting to the US CPI data set for release on Tuesday. Besides, Jerome Powell’s testimony before Congress, which is scheduled for Wednesday and Thursday, will impact the crypto market.
Both events will avail further cues regarding the anticipated tightening of the Fed’s monetary policy. Higher-than-expected inflation numbers are likely to be a bearish catalyst for Ripple price. At the same time, a hawkish tone from the Fed Chair may exert further pressure on the crypto.
XRPUSD technical analysis
Ripple price is up by 1.19% at 0.6371. Earlier on Monday’s session, it hit an intraday high of 0.6549. The rise was an extension of its gains on Sunday when it surged by about 6.69%. It has since pulled back, a trend observable in other altcoins. On a two-hour chart, it is slightly above the 25 and 50-day exponential moving averages.
In the near term, I expect Ripple price to remain range-bound between Monday’s high of 0.6549 and 0.6300, where the two EMAs have converged. As a reaction to the US CPI numbers, it may breakout past the horizontal channel’s upper border to the prior resistance level of 0.6770.
On the flip side, a move below the channel’s lower border will place the next support level at the psychological level of 0.6000.