Traders Eye Key XRP And HYPE Levels Ahead Of Fed Decision
Key Summary
Cryptocurrency traders monitored crucial price levels for XRP, HYPE, and ENA Wednesday morning as spot desks positioned books ahead of the Federal Reserve policy decision. According to technical levels published on social media by analyst Ali Martinez, XRP must defend $1.25 to target a move toward $1.55, while Hyperliquid trades near $82 following a bounce off historical trendlines. Meanwhile, on-chain data monitored by CoinGecko showed large wallets controlling 68% of XRP supply.
Key Bullets
- XRP traded around $1.33 Wednesday morning after charting a 2% daily gain while holding near the crucial $1.25 support floor.
- Data tracked by CoinGecko revealed that wallets holding at least 10 million XRP now control 68% of the total circulating token supply.
- Hyperliquid changed hands near $82 following a 5% daily increase as traders eyed a potential push toward its previous all-time high.
- Ethena token ENA tested the upper boundary of a descending channel near $0.20 while waiting for a confirmed breakout above $0.22.
XRP Whales Accumulate Near Support
XRP changed hands at $1.33 Wednesday morning following a 2% intraday gain, according to spot pricing data provided by CoinGecko. Technical analysis shared on X by analyst Ali Martinez indicated that the token must preserve the $1.25 support floor to avoid a steep correction toward $0.98. Market structure on the daily chart formed an inverse head-and-shoulders pattern. A daily close above the $1.55 neckline could open the path toward a $2.10 target.
On-chain order book distributions showed heavy concentration among large holders. Wallets containing at least 10 million XRP now control over 68% of the entire circulating supply. That concentration represents the highest holder dominance metric recorded since November 2022. Traders watched order depth closely. Liquidity shifted rapidly.
Hyperliquid Tests Trendline Support
Hyperliquid traded near $82 after registering a 5% price increase over the preceding 24 hours. Market data showed the asset recently bounced from a $74 trendline boundary that has guided price action since January. Similar touches to this exact ascending trendline in past months triggered rallies exceeding 70%. If the current support level holds firm, spot desks expect a run past the $98 all-time high toward $110.
A breakdown below current bids would invalidate the bullish thesis immediately. Order books indicated strong downside targets near $67 and $60 if buyers fail to defend the trendline. Volume dried up on the order books. Traders pulled resting bids.
Ethena Confronts Channel Resistance
Ethena token ENA traded just above $0.20 after posting an 18% recovery wave over the last few days. Technical readings placed the asset directly against the upper boundary of a descending channel. According to market commentary from Ali Martinez, a 4-hour close above $0.22 remains necessary to confirm a sustained breakout toward $0.27. Rejection at this barrier risks driving prices down to $0.18.
The asset remained down 22% over a 30-day window despite the recent bounce. Spot market participants waited for definitive volume confirmation before executing new positions ahead of the central bank announcement. Volatility spiked across derivatives desks. Traders closed leveraged long exposure.
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