XRP rose to $2.33 in the last 24 hours, breaking above its recent consolidation range and signalling growing bullish momentum.

The digital asset had earlier fluctuated between $2.264 and $2.319 as investors weighed global macro pressures.

Source: CoinMarketCap

However, renewed buying interest pushed the token past resistance, with $2.280 emerging as a strong base.

This move marks a key shift in market structure, as volume data continues to support a breakout narrative.

$2.280 confirmed as short-term support

XRP spent much of the previous session consolidating around the $2.273 to $2.280 zone, where repeated tests of lower levels were met with high-volume buying.

A notable 3.9 million units were exchanged during a 2.17% dip at 01:55 ET, when XRP dropped from $2.285 to $2.280, only to be swiftly bought back.

Earlier at 01:32 ET, the session’s peak volume of 1.8 million units had already confirmed strong buyer interest near the $2.280 mark.

This activity reinforces the zone as a reliable support area.

Traders appear confident accumulating near these levels, with market structure suggesting a shift from consolidation to potential upside continuation.

Since then, price action has moved steadily higher, culminating in a clean break above the $2.319 ceiling.

XRP clears $2.319 resistance, hits $2.33

The $2.319 level had acted as the upper boundary of XRP’s consolidation range, with multiple intraday rejections near $2.315.

These were seen during the 11th and 22nd hours of trading, both accompanied by elevated volume, indicating strong sell-side presence.

Breaking past this resistance was therefore key, and XRP’s advance to $2.33 suggests that buying strength has outpaced sellers for now.

Price movement in the current session shows sustained interest, with an ascending trendline continuing to hold.

The breakout over $2.319 may now turn this area into a support zone, with new resistance likely forming between $2.35 and $2.38.

Market focus shifts to momentum sustainability

While XRP’s upward move is backed by volume, traders are watching closely for confirmation. Indicators such as RSI remain neutral, while MACD has started to trend upwards.

These technical signals suggest that momentum is building but not yet overextended, leaving room for further gains if buying interest holds.

The broader environment remains cautious. Global trade tensions and diverging monetary policy across key economies continue to impact investor behaviour.

Even so, XRP’s ability to break out while the wider crypto market shows mixed performance may attract more speculative flows in the short term.

Consolidation zone turns into a launchpad

XRP’s price action over the past day demonstrates how accumulation at lower levels can fuel a breakout.

The former range between $2.264 and $2.319, once characterised by tight movement and neutral indicators, now appears to have served as a launchpad for further upward movement.

As of the latest trading data, XRP remains above $2.33 with signs of stabilising. If volumes continue to support the rally, traders may target $2.35 and beyond.

However, failure to hold above $2.319 could see the asset revisit the previous support at $2.280. For now, bulls appear in control, backed by a strong foundation and a decisive push past resistance.

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US equities were mostly flat on Wednesday, pausing a recent comeback rally despite softer-than-expected inflation data and signs of progress in trade talks between the US and China.

The Dow Jones Industrial Average slipped 30 points, or 0.1%, while the S&P 500 was virtually unchanged. The Nasdaq Composite rose 0.2%.

The S&P 500 has now gained in six of the past seven sessions and sits less than 2% below its February record high, having rebounded sharply from a 20% decline earlier this year.

Investor sentiment was influenced by the latest round of trade negotiations in London, where US and Chinese officials reached a preliminary agreement.

The tentative framework includes a Chinese commitment to approve rare earth mineral exports and a US move to ease restrictions on advanced technology sales to China.

President Donald Trump confirmed the progress in a Truth Social post, declaring the deal “done, subject to final approval with President Xi and me.”

He noted the agreement includes “a total of 55% tariffs” on Chinese goods, while China will receive a 10% tariff rate in return.

He added that China would immediately supply key rare earth elements, and the US would reinstate student visa access for Chinese nationals.

Trump called the outcome “a great WIN for both countries.”

Markets had already been buoyed by inflation data released earlier in the day showing a smaller-than-expected rise in consumer prices for May.

But with geopolitical uncertainty still hanging over trade policy, investors appeared cautious.

The deal, while encouraging, has yet to be finalized, and market participants remain watchful for signs of a formalized and enforceable agreement between the two largest economies.

US inflation cools in May

Consumer prices in the United States rose less than expected in May, with little sign so far that President Donald Trump’s tariff policies have triggered significant inflationary pressure.

According to data released Wednesday by the Bureau of Labor Statistics, the consumer price index (CPI) increased 0.1% last month, below the 0.2% rise forecast by economists surveyed by Dow Jones.

The annual CPI reading came in at 2.4%, in line with expectations.

Core CPI, which strips out volatile food and energy prices and is closely monitored by the Federal Reserve, also rose 0.1% month-on-month.

On a year-over-year basis, core inflation edged up 2.8%, coming in just under the consensus estimate of 2.9%.

The softer-than-expected print suggests inflation remains contained, offering some relief to markets wary of aggressive monetary tightening.

It also indicates that recent US tariffs have yet to exert significant upward pressure on consumer prices, tempering concerns about a tariff-induced inflation spike.

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Chancellor of Exchequer, Rachel Reeves, unveiled the UK government’s highly anticipated Spending Review, outlining departmental budgets for the next three years (2026/27 to 2028/29) for day-to-day spending and four years for investment.

Touting a vision of “Britain’s renewal,” the review commits billions to key public services and infrastructure, though significant trade-offs are evident as the nation grapples with persistent inflationary pressures.

“We are renewing Britain,” Reeves told lawmakers. “I know that too many people in too many parts of our country are yet to feel it. This government’s task, my task as chancellor, and the purpose of this spending review is to change that. To ensure that renewal is felt in people’s everyday lives, in their jobs, and on their high streets.”

Chancellor Reeves has set aside an extra £113 billion ($150 billion) for public spending compared to the previous Conservative government’s plans.

Pri health, housing, and defence

The National Health Service (NHS) emerges as a significant winner in this review, with its day-to-day budget set to rise by 3% a year after inflation, translating to an additional £29 billion ($39 billion) per year for its operational costs.

Housing also receives a considerable boost, with a commitment of £39 billion for social and affordable housing over the next decade.

This investment is geared towards the government’s ambitious target of building 1.5 million new homes by the next general election.

Defence spending is also set to increase, rising to 2.6% of GDP by April 2027, including the contribution of intelligence agencies.

The government also plans to build 12 new nuclear-powered attack submarines, drones, missiles, and munitions, and enhance cyberwarfare capabilities.

The science and technology sectors will also receive a massive £86 billion in funding in areas such as new drug treatments and longer-lasting batteries, to new AI breakthroughs.

Public transport projects, particularly across England’s city regions, will also see major investment, with £3.5 billion allocated to upgrade the TransPennine route.

£2.5 billion is also earmarked for a train line connecting Oxford and Cambridge.

The government has also expanded the £3 bus fare cap to 2027.

Total investment in the transport sector amounts to £15 billion.

The government also put £1 billion into expanding the number of children receiving free school meals.

The policing budget will also see an average annual increase of 2.3% by 2029, making it more than £2 billion over the next few years, supporting the manifesto pledge of 13,000 extra police officers.

Cuts and tight budgets elsewhere

While some departments celebrate significant increases, others face tighter budgets or outright cuts in real terms.

The Home Office, for instance, will see its day-to-day budget cut by 1.7%, and the Foreign Office by a more substantial 6.9%.

These reductions reflect the government’s choices in a fiscally constrained environment, where prioritizing some areas necessitates reductions in others.

The review also seeks to end “costly” asylum hotels within the next four years, indicating a shift in strategy for immigration and asylum management, which will likely impact related departmental budgets.

The UK’s FTSE 100 inched up 0.27% to 8,876.64 after the spending announcement.

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The United States and Mexico are moving closer to a trade agreement that would limit the impact of President Donald Trump’s proposed 50% tariffs on steel, by allowing a portion of imports to enter the US duty-free, according to a report by Bloomberg.

The arrangement, still under negotiation, would set a cap on Mexican steel shipments based on historical trade volumes, effectively reviving a framework used during Trump’s first term but with a higher threshold.

People familiar with the discussions cited in the report say the cap would be designed to “prevent surges” in steel imports without establishing a fixed numerical quota.

This model aims to reassure US steelmakers while providing flexibility for Mexican exporters and US end-users reliant on Mexican supply chains.

Commerce Secretary Howard Lutnick is leading the talks, which remain private.

Trump has not yet been directly involved, but his approval would be required for the deal to move forward.

Negotiators say the broad outlines of the agreement have been agreed upon, but final details are still being hammered out.

Cleveland-Cliffs, Nucor share prices fall in response

News of the potential softening in tariff policy affected markets late Tuesday.

Shares of US steelmakers, including Cleveland-Cliffs and Nucor, dropped sharply, declining by more than 7% and 4% respectively.

The Mexican peso, which had been under pressure earlier in the session, trimmed some losses after the news broke.

Mexico’s Economy Minister Marcelo Ebrard has been vocal in rejecting the premise behind the proposed 50% tariffs.

Speaking at an event on Tuesday, he said the US actually exports more steel to Mexico than it imports, calling the tariffs unjustified.

Ebrard said he made this case in meetings with US officials last week in Washington, where he was photographed shaking hands with Lutnick.

“We are waiting for their response, because on Friday we gave them the details of Mexico’s argument and we are right,” Ebrard told reporters Tuesday.

“So we are going to wait for their response which will probably be this very week.”

Steel deal part of broader US-Mexico realignment

The talks are unfolding against a backdrop of broader diplomatic repositioning between Trump and Mexican President Claudia Sheinbaum.

Washington has demanded tougher action from Mexico on immigration and drug trafficking, areas where cooperation remains uneasy.

Homeland Security Secretary Kristi Noem recently accused Sheinbaum of encouraging anti-deportation protests in Los Angeles—an allegation Sheinbaum strongly denied as “absolutely false.”

The prospective steel deal also comes just ahead of the Group of Seven summit in Canada, where Trump and Sheinbaum are expected to meet, potentially giving the agreement geopolitical significance as well as economic impact.

Steel trade tensions linger as industries diverge

According to Commerce Department data, the US imported about 3.2 million metric tons of steel from Mexico in 2023—roughly 12% of total US steel imports.

The 2019 agreement between the two nations during Trump’s previous term set import limits based on 2015-2017 averages, and the new framework is expected to exceed those levels while maintaining safeguards against sharp increases.

Trump’s announcement last week to double steel tariffs came alongside his endorsement of Nippon Steel’s proposed acquisition of US Steel Corp., positioning the move as a measure to protect domestic industry.

While the tariff hike has pleased steel producers, downstream manufacturers and construction firms have warned it could increase costs and disrupt supply chains.

If finalized, the agreement could mark a calibrated policy shift—protecting US industry while avoiding full-scale trade friction with a key partner.

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