Writing this as Powell is giving the FOMC press conference right now. You can see just how much this conference is affecting crypto and the market as we can see directly above when we take a quick look at our chart. On top of that we got rejected again at 0.395 and as powell just said. "We will stay the course until the job is done" - Powell.
That's definitely not giving us the best news but as powell said ongoing hikes will likely be appropriate we know that the peak rate estimate is coming in at 5% right now so we've still got some roads ahead of us to traverse but basically just seems like the FED is just trying to do what they can to keep inflation down.
Big note though is that Powell's said that the issue now is not as much of the speed of rate hikes and giving big rate hikes but looking more at choosing the rate each time based on the current date and based on progress. The view is that the committee will need to stay at the peak rate hike for some time likely before being able to bring it down which is definitely understandable. Basically appropriate thing now is to move to a slower pace of rate hikes to better balance the risks faced considering how far the FED has already gone so far this year with the high rate hikes.
TA wise for XRP we've lost that 200 EMA and can basically just hope to regain that but main thing is really just the FOMC press conference going on right now, that'll impact us the most so today's not too much of a TA day but just a Powell day if that makes sense.
Gonna leave the idea here for now but basically just looks like the FED is expecting to continue the fight and will go on with what it can until it gets solid evidence of Inflation coming down, won't be considering rate cuts until inflation is really heading back for that 2% goal by which then rate hikes may come back into play but for now just seems like they will keep pushing.
Leaving my observation here for now but if your watching XRP watch for my markings with 0.379 as that support mark and 0.395 as the resistance and just know that today's a powell day so the markets are mainly being influenced today by this conference. If you'd like to leave a like or follow it'd be much appreciated as always, thank you!
~ Rock '
That's definitely not giving us the best news but as powell said ongoing hikes will likely be appropriate we know that the peak rate estimate is coming in at 5% right now so we've still got some roads ahead of us to traverse but basically just seems like the FED is just trying to do what they can to keep inflation down.
Big note though is that Powell's said that the issue now is not as much of the speed of rate hikes and giving big rate hikes but looking more at choosing the rate each time based on the current date and based on progress. The view is that the committee will need to stay at the peak rate hike for some time likely before being able to bring it down which is definitely understandable. Basically appropriate thing now is to move to a slower pace of rate hikes to better balance the risks faced considering how far the FED has already gone so far this year with the high rate hikes.
TA wise for XRP we've lost that 200 EMA and can basically just hope to regain that but main thing is really just the FOMC press conference going on right now, that'll impact us the most so today's not too much of a TA day but just a Powell day if that makes sense.
Gonna leave the idea here for now but basically just looks like the FED is expecting to continue the fight and will go on with what it can until it gets solid evidence of Inflation coming down, won't be considering rate cuts until inflation is really heading back for that 2% goal by which then rate hikes may come back into play but for now just seems like they will keep pushing.
Leaving my observation here for now but if your watching XRP watch for my markings with 0.379 as that support mark and 0.395 as the resistance and just know that today's a powell day so the markets are mainly being influenced today by this conference. If you'd like to leave a like or follow it'd be much appreciated as always, thank you!
~ Rock '
