XRP price has been in a steady uptrend for five consecutive days despite macroeconomic factors weighing on markets. At the time of writing, XRP was trading slightly higher at $0.4853, with its market cap inching higher for the day. The coin’s volume has also moved higher in the past 24 hours, hinting at a bullish outlook.

Fundamental Analysis

XRP price has staged a significant recovery in the past few days, jumping more than 6% in the past week. The coin has managed to secure a place among the best-performing altcoins in the past week. Its market cap has tilted higher to $25 billion, ranking the asset 6^th after USD Coin.

The cryptocurrency market was in the green on Monday, with the global crypto market cap jumping more than 1% over the day to $1.15 trillion. The total cryptocurrency market volume increased by nearly 62% over the same period. The recent rally in the crypto market has been on the back of the finalization of the US debt ceiling deal that has been gnawing on markets for the past few days.

The US dollar shied away from its six-month high on Monday after US President Biden and House Speaker Kevin McCarthy finalized a budget agreement, suspending the $31.4 trillion debt ceiling to 2025. This will allow the US government to continue borrowing money and pay its bills on time. Even so, Congress must pass the deal before June 5, when the US Treasury is said to run out of cash.

The US debt ceiling deal lifted risk appetite in global markets while denting the greenback’s safe-haven appeal. The deal has seen risk assets such as cryptocurrencies and stocks rally. However, concerns that the Federal Reserve is likely to hike its interest rates further in its next June meeting have continued to weigh on the assets.

The economic resilience in the United States has reinforced markets expectations of the Fed hiking its funds rate in June. Higher interest rates have the potential to sway cryptocurrency markets. In focus is the CB Consumer Confidence data for May set to be released on Tuesday.

XRP Price Analysis

XRP price appears optimistic with its recent market trends suggesting a bullish trend. XRP price has moved past the descending channel shown in yellow. The asset has managed to move above the 50-day, 100-day, and 200-day exponential moving averages (EMA). It is also hovering above the 50-day and 100-day simple moving averages (SMA). Its Relative Strength Index (RSI) has jumped to 62, slightly below the overbought zone.

As such, the XRP price is likely to further extend its uptrend in the upcoming few weeks as buyers eye this year’s high at $0.5850. However, we cannot rule out a move below the 50-day EMA which will invalidate the bullish view.

XRP Price Chart