- XRP price gains strength above $2.00, rallying alongside crypto majors Bitcoin, Ethereum and Solana.
- United States President Donald Trump clarifies that he has no intention of firing Fed Chair Jerome Powell.
- Trump urged Powell to be proactive and lower interest rates.
- XRP price seeks a break above a crucial descending trendline on the daily chart.
Ripple (XRP) price continues to recover above support at $2.00, trading at $2.23 at the time of writing on Wednesday. The international money remittance token shows signs of a sustainable uptrend, eyeing the psychological resistance at $3.00, especially with risk-on sentiment returning to the market after a massive drawdown at the beginning of the month.
President Trump backs off Fed Chair Powell, calls for rate cuts
United States (US) President Donald Trump made it clear on Tuesday that he has no intention of firing the Federal Reserve (Fed) Chair Jerome Powell, adding that “the press runs away with things.” However, the President urged Powell to be proactive in cutting interest rates.
“Never did. The press runs away with things. No, I have no intention of firing him,” President Trump clarified to reporters.
This change in the tune comes after President Trump criticized Powell for not being fast enough and proactive in lowering interest rates. “Powell’s termination cannot come fast enough,” the President wrote on Truth Social, his social media platform.
The Fed has held interest rates steady since early 2025 after several cuts amounting to a full percentage point in 2024. Powell said in recent remarks that the central bank would remain cautious, warning that tariffs could have a larger impact on the economy and potentially drive a surge in inflation, which has stubbornly stayed above the Fed’s 2% goal.
President Trump’s comments stabilized the markets, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) rallying in tandem during the American session on Tuesday. The administration also signaled progress in tariff negotiations, suggesting the US could strike a temporary deal with China, followed by a comprehensive trade agreement in two years.
XRP price breaking out as risk sentiment improves
XRP’s price is seeking support above around $2.22, a confluence resistance level established by the 50 and 100-day Exponential Moving Averages (EMA) at the time of writing.
The Relative Strength Index (RSI) indicator’s ascent above the center line and pointing north at 56.61 raises the stakes in favor of the bulls. Should the uptrend continue toward the overbought territory, the chances of XRP breaching the descending trendline resistance and closing the gap to $3.00 would increase significantly.
XRP/USD daily chart
According to Coinglass derivatives data, open interest surged by more than 20% to $3.89 billion in the last 24 hours, affirming the risk-on sentiment. Short positions liquidations reached $8.46 million in the same period, compared to $2.63 million in long positions. A 1.0243 long-to-short ratio suggests that more traders are betting on XRP trending higher.
XRP derivatives data | Source: Coinglass
On the flip side, such a spike in open interest could be followed by a sharp reversal as traders adjust portfolios and take profits. Therefore, it would be prudent to look for a daily close above the 50 and 100-day EMAs to ascertain the uptrend’s trend before adding to their open positions.
If the XRP price slides below the moving averages, declines could touch the crucial $2.00 support. Beyond this short-term support area, dropping to the 200-day EMA at $0.96 may accelerate losses, bringing the $1.80 demand zone in sight.
