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The cryptocurrency market looks set to finish the week strong after another excellent outing over the last 24 hours. Bitcoin touched the $116k level during the early hours of Friday, after adding 1% to its value.

Ether has reclaimed the $4,500 psychological level, while XRP is trading above $3 once again despite the disappointing CPI data.

Bitcoin and other leading cryptos endured a rollercoaster on Thursday following the release of inflation figures in the United States.

The Bureau of Labor Statistics (BLS) revealed that the Consumer Price Index (CPI) climbed 0.4% last month, higher than the 0.3% expected and July’s 0.2%. Year-on-year, the CPI was higher by 2.9%, in line with the forecast of 2.9% and 2.7% in July.

Furthermore, the Core CPI rose 0.3% in August, matching forecasts and July’s 0.3% increase. Year-over-year core CPI rose 3.1% compared with the 3.1% forecast and July’s 3.1%.

The disappointing CPI data saw cryptocurrencies briefly tumble, with BTC dropping below $114k, while XRP dipped to $2.92. However, the market has now recovered, with BTC hitting the $116k earlier today. 

XRP has also reclaimed the $3.0 psychological level after adding 8% to its value since the start of the week. The cryptocurrency now looks set to rally higher in the near term as retail demand remains strong.

CoinGlass data revealed that the XRP futures Open Interest (OI) averaged $8.64 billion on Friday, up from $7.37 billion on Sunday.

The rising Open Interest trend shows that investors remain bullish on XRP as they expect its price to hit its July high of $3.66 in the near term. 

XRP is trading around the  $3.00 pivotal level after dropping to the 50-day Exponential Moving Average (EMA) at $2.91 on Thursday. The XRP/USD 4-hour chart is now bullish and efficient, with traders now expecting another leg up towards the $3.3 resistance level. 

The strong buy signal maintained by the Moving Average Convergence Divergence (MACD) indicator over the last few days is also supported by an RSI of 66. 

If the bullish trend continues, XRP could rally towards the next major resistance level at $3.3 in the coming hours.

However, it faces a rejection candle at the $3.12 mark, which could see XRP temporarily retrace to grab liquidity to the downside. Surpassing that rejection candle would allow XRP to hit the $3.3 resistance level with ease.

However, after a week of rally, the crypto market could face a correction. If that happens, XRP could retest the   50-day EMA support at $2.91. Failure to defend this level will bring the daily support at $2.72 into play.

The post XRP hits $3 despite poor CPI data, targets $3.3: Check forecast appeared first on Invezz

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