XRP dropped approximately 3% in the last 24 hours, reaching around $0.56 on August 28, reflecting downward movements in other parts of the crypto market amid the Nvidia earnings countdown.
What’s Happening on the XRP Front?
Analysts predict a 70% revenue growth for Nvidia in the current quarter due to increased demand for artificial intelligence. In 2024, Nvidia’s 160% stock rise contributed to approximately 30% of the overall gains of the Nasdaq 100, a US stock index with increasing 30-day average correlation with the broader crypto market in August. As a result, cryptocurrencies like XRP, Bitcoin, and Ethereum reflect the volatile trend of the Nasdaq, driven by the Nvidia earnings countdown. According to Coinglass data, XRP's losses today coincide with sharp declines in open interest (OI) and funding rates in the futures market.
XRP Chart Analysis
XRP's decline is part of a correction trend within the ascending triangle pattern. The cryptocurrency recently pulled back by about 10% after testing the upper trendline of the triangle as resistance. As of August 28, XRP is testing the lower trendline of the triangle as support and aims to return to the upper trendline level at around $0.63. XRP's daily relative strength index (RSI) also supports a recovery scenario, making higher lows within the neutral reading range of 30-70.
Significance of Nvidia's Report
Amid the anticipation of Nvidia's earnings report, cryptocurrencies like XRP exhibit volatile trends, reflecting market influence caused by the expectations from such a major chip manufacturer. Negative funding rates in the XRP futures market indicate dominant short positions, reflecting bearish sentiment among investors.
The correction movements in XRP and other cryptocurrencies are closely linked to the expectations of Nvidia's earnings report. XRP's downward movement amid declining open interest and funding rates signals cautious sentiment among investors.
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