Ripple (⟨c-12/⟩), the fourth largest cryptocurrency by market capitalization, is attracting renewed interest after recording a trading volume of two billion US dollars over the past twenty-four hours, with the trading volume reaching 2.02 billion US dollars over the past twenty-four hours, marking an increase of 20%.

This comes at a time when Ripple is starting to regain its lost momentum after its drop over the weekend and a widespread sell-off in the cryptocurrency market, which has impacted investor confidence.

During the past week, the price of Ripple (⟨c-19/⟩) has seen a noticeable decline in market activity amid a risk-off atmosphere that swept the cryptocurrency market. However, there may be hope on the horizon. With two billion US dollars flowing into Ripple trades in just one day, analysts are beginning to anticipate the possibility of a major move.

An increase in trading volume may indicate that traders are reopening their positions, which could lead to an upward reversal or preparation for increased volatility around key macroeconomic catalysts this week.

Key macroeconomic catalysts expected this week

The market is anticipating key macroeconomic events, including the Federal Reserve's decision on monetary policy and a statement from its chairman Jerome Powell.

The Federal Reserve will hold its final meeting on monetary policy this week. The Federal Reserve's recent decision on the interest rate kept the benchmark interest rate at 4.5%. The upcoming decision is expected to keep the interest rate at 4.5% and will be issued on June 18.

With Federal Reserve officials signaling an extension of the interest rate pause, the market will be looking to statements from its chairman Jerome Powell this week for hints on what might eventually drive the central bank to take action.

As of the time of publication, the price of Ripple has increased by 2.09% over the past twenty-four hours to reach 2.19 US dollars, continuing its recovery after five days of decline for the second consecutive day. A decisive breakout above the 50 and 200 daily simple moving averages at 2.27 US dollars and 2.38 US dollars would indicate a new move for Ripple, which would lead to the cryptocurrency asset exiting its current range.

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