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XRP (XRP) rose 2.1% to $0.52 on April 11, extending its daily gains from $0.50 alongside a broader cryptocurrency market rally, with traders pinning hopes on easing inflation data into April 12.

XRP price: lackluster volumes raise risk of 25% correction

XRP’s upside move brought it closer to breaking out of its prevailing bull pennant range, with a price target of $0.65.

However, lackluster volumes accompanying XRP’s gains hinted at a potential price correction in the future. That could mean a short-term pullback toward the pennant’s lower trendline near $0.51 in April or a broader correction altogether invalidating the bullish continuation setup.

The extended sell-off scenario is best visible on the weekly chart below, wherein a key resistance-turned-support line has limited XRP’s upside prospects.

If the fractal plays out again, XRP’s price will risk falling toward its multimonth ascending trendline support near $0.40 by May, down about 25% from current price levels.

Bitcoin (BTC) held $30,000 as support before the April 11 Wall Street opening, with fresh doubts emerging over the rally’s strength.

BTC price finally tackles $30,000 resistance cloud

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit 10-month highs of $30,438 on Bitstamp.

Almost one month in the making, the final surge to $30,000 delighted many traders who considered the move to be a matter of time.

Having uploaded a roadmap showing BTC/USD continuing to gain, Crypto Kaleo argued that Bitcoin was still the best investment allocation for capital, rather than cash or altcoins, at current prices.

“Bitcoin is breaking out, of course all of the USD charts are going to look decently bullish,” part of the day’s Twitter commentary stated.

Bitcoin (BTC) rose to its highest level in ten months on April 10 as traders await this week's April 12 consumer price index report to gain deeper insight into the Federal Reserve's fight against sticky inflation. If the report shows inflation dropping, it could be the next possible catalyst that further's BTC's upward move. 

On April 10, BTC price soared 3.37% to over $29,300 after a quiet Easter weekend. Interestingly, Bitcoin's intraday gains appeared alongside a drop in U.S. equities, a rare decoupling that highlights the coin's diminishing risk-on characteristics.

The pre-CPI dynamic could be in effect

The Bureau of Labor Statistics will release March consumer price index (CPI) data on April 12, which expects to show inflation down to 5.1% from 6.0% year-over-year previously.

A slowdown in headline CPI increases the prospects of the Federal Reserve shifting in a more dovish direction. Conversely, persistent inflationary forces could lead traders to bet on more interest rate hikes in May.

Bitcoin's rise above $29,000 suggest that crypto traders have been pricing in a drop in inflation, which, in turn, could lead to a potential Fed pivot.