#SOL Price Prediction

#Double Rewards With GUSD
#DOGE ETF Launch
- Ripple Price Predictions: XRP Awaits a High Record Break After the US Consumer Price Index Report

- XRP is trading sideways around $3.00 amid aggressive push and pull between bulls and bears.
- The Consumer Price Index in the United States rose by 2.9% year-on-year, providing challenging signals for the Federal Reserve.
- The demand for XRP remains stable as open interest in futures rises to $8.15 billion.

Ripple coin (XRP) is approaching a breakout, trading around the critical level of $3.00 on Thursday. The release of the U.S. Consumer Price Index data has led to a sharp increase in volatility in the broader cryptocurrency market, as investors focus on the Federal Reserve's upcoming interest rate decision next week.

- Inflation rises in the United States as focus continues on the Federal Reserve
Consumer prices in the United States rose by 0.4% month-on-month in August, after a 0.2% increase in July, according to the Labor Department's report. Year-on-year, the consumer price index rose by 2.9%, compared to 2.7% recorded in July. This is the highest reading since January, highlighting the impact of the tariff increases imposed by President Donald Trump.

The core Consumer Price Index, which includes all consumer goods except for the prices of volatile food and energy, rose by 0.3% in August, matching the increase recorded in July. Year-on-year, the core Consumer Price Index increased by 3.1%.

Attached data on the U.S. Consumer Price Index | Source: Bureau of Labor Statistics

Federal Reserve officials are paying close attention to the core Consumer Price Index to more accurately assess long-term trends. All eyes are now on the Federal Open Market Committee (FOMC), which is expected to announce its decision on interest rates next Wednesday.

Following the Consumer Price Index report, the expectations for a 0.25 percentage point rate cut in September slightly decreased from around 91% on Wednesday to 88.7% at the time of writing this report on Thursday, according to the CME Group's FedWatch tool.

Attached is a picture of the FedWatch tool | Source: CME Group

Meanwhile, individual interest in XRP remains relatively high compared to last week. CoinGlass data shows that the average open interest (OI) on XRP futures contracts reached 8.15 billion USD on Thursday, up from 7.37 billion USD on Sunday.

The rising OI trend indicates that investors have a strong belief in XRP's ability to maintain its recovery to its all-time high of $3.66 reached on July 18.

Attached is the chart of open XRP futures contracts.

- Technical Forecast: XRP maintains its bullish trend before the breakout:
The price of Ripple (XRP) is stabilizing around the pivotal level of $3.00, as traders are quickly anticipating short-term dips towards the (EMA) for fifty days at $2.91. However, the upward trend lacks enough momentum to extend the upward path towards the next barrier at $3.35, which was previously tested in mid-August.

Although there are no strong tailwinds to move XRP's next recovery phase, its bullish condition remains intact, supported by a buy signal backed by the Moving Average Convergence Divergence (MACD) indicator since Monday.

Traders tend to increase their exposure to the market as the blue MACD line remains above the red signal line. The steady rise of the Relative Strength Index (RSI) at 54 indicates bullish momentum with a decrease in selling pressure.

Attached is the daily chart for the XRP/USDT pair.

The rising readings of the Relative Strength Index (RSI), which is approaching the overbought zone, will support the steady increase in buying pressure, thereby supporting retail demand for XRP. However, traders should exercise caution and be wary of any continued pullbacks below the 50-day exponential moving average support level at $2.91.