The price of XRP, a cryptocurrency, might not break out and rally to $1.3 after Federal Reserve Chair Jerome Powell’s recent remarks on November 7. Powell said he would not resign, and President-elect Donald Trump asked him to do so. Some of Trump’s advisors reportedly suggested Powell should resign.
Despite the Fed lowering interest rates to a range of 4.5% to 4.75%, the crypto market reacted positively, and Bitcoin’s price increased. Powell’s claim is backed by law. However, the crypto community will have to wait until Powell’s term expires in May 2026. XRP currently trades at $0.5498, with a $1.3 target still in play.
The Ripple chart shows a consistent downward trend within a descending channel since late 2021. A breakout could lead to a shift in momentum, rising 139% to reach $1.3. The Relative Strength Index (RSI) is at 50.28, suggesting a fight between bears and bulls. If XRP breaks below the midline of the falling wedge, it would seek lower support around $0.35.
In summary, while Powell’s remarks did not directly affect XRP, the $1.3 target remains intact as long as XRP breaks out of the descending channel. The RSI points upward, indicating potential buying pressure.
