Ripple Is Likely to Pull Back After Mid-Week Jump
Ripple (XRP) is up 4.5% to $2.400 this week, outperforming the broader crypto market, where Bitcoin (BTC) is adding 1.8% to $84,164. The token surged to a high of $2.587 on Wednesday following the Federal Reserve’s announcement to slow its balance sheet drawdown to $5 billion per month starting in April. Further support came from Ripple CEO Brad Garlinghouse, who confirmed that the U.S. Securities and Exchange Commission (SEC) has dropped its appeal in the case against the company.
Despite the rally, XRP failed to sustain levels above $2.500, leading to a pullback. From a technical perspective, prices may decline toward the key support at $2.000, though interim support at $2.250 could slow the downturn.
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