BTC price surpassed $62,000 following Powell’s statements and has returned to its starting point. Rapid fluctuations are common in the crypto market, and rate cuts are just beginning.
XRP Coin Bull Target
Against BTC, XRP Coin dropped to 760 satoshi in June and then jumped nearly 50%. Developments related to the lawsuit and the summary judgment anniversary in July were influential here. A structure similar to the move that triggered a 500% rally in January and May 2021 is forming. In the big rally of 2021, we saw a failed test of EMA50 in the XRP/BTC pair. This also happened in August 2024. Investors see the key area as a zone where sales will intensify, supporting the rejection, and if this decline repeats the 2021 movement, it could actually signal a larger increase.
XRP Coin Fractal
The second major XRP Coin rise signal is related to the chart following the halving. Bitcoin market dominance saw 70% in the second halving in July 2016 and then fell. Subsequently, a larger rise in altcoins began. As of August 2024, the lawsuit between the SEC and Ripple concluded, and a reasonable penalty was imposed on Ripple for selling XRP to institutional investors. After the $125 million penalty, XRP/BTC increased by 15%, and the potential for BTCD to see the peak after the halving event is rising. If the same scenario repeats, this means a rapid rise for both XRP and altcoins in general.
Market Prospects
Since the beginning of 2024, the major altcoin with the weakest performance among the largest altcoins has been XRP. Due to relatively low performance, there may be more room for an increase for XRP Coin. Finally, the Fed starting cuts as of September 18 will push risk markets up. This year, the market’s expectation is for a 100bp cut. BTC was lingering at $61,400 at the time of writing.
Due to Powell’s statements and macroeconomic factors, cryptocurrency markets are showing significant fluctuations, providing opportunities for growth for both Bitcoin and altcoins.
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