The cryptocurrency market is experiencing increased volatility due to anticipation surrounding the upcoming Federal Open Market Committee (FOMC) meeting. Investors are actively monitoring potential changes in monetary policy.
Overview of the Cryptocurrency Market
The cryptocurrency market is undergoing heightened volatility in light of the FOMC meeting. While no drastic changes in interest rates are expected, investor skepticism remains. Some see this as an opportunity to enter the market at a discounted price.
Situation with Ripple (XRP)
XRP experienced a notable 7% drop with a trading volume of $4.7 billion. Its market cap has fallen to $126.18 billion, reducing its dominance to 3.9353%. To regain momentum, the altcoin needs to reclaim the 50-day EMA around $2.20.
Analysis of Solana (SOL) and Chainlink (LINK)
SOL’s price dropped over 7%, falling below the $150 mark with a market capitalization of $77.24 billion. Maintaining above $149 is crucial for retesting resistance. Chainlink is down 7.25% in the last 24 hours, indicating strong selling pressure, with a critical support level at $12.65.
The cryptocurrency market should be approached with caution given the anticipated events. Investors need to closely monitor price movements and prepare for potential changes in the near future.
