The excitement in meme coins has waned, and the anxiety surrounding the Fed meeting is reminiscent of the 2022 bear market sell-offs. The Fed’s front-loaded interest rate hikes were pushing markets down with the fear of “more to come.” Now, the concern that “interest rate cuts will be delayed” is triggering sell-offs following the arrival of bad data.
XRP Coin Commentary
The negativity in BTC prices and the sales starting at $0.74 for XRP Coin pushed it towards the expected target. We had written that it was losing momentum at $0.74 and that a gradual decline to $0.68 and $0.58 could occur. With the meltdown in BTC prices, we see that XRP Coin has been pulled to support levels faster than expected.
Investors are now counting the days for the movement in this narrow range to end, with well-memorized price zones. The ongoing battle with the SEC could not be concluded as the first quarter of 2024 is about to end. Worse, the possibility of an SEC victory in the collective appeal process is undermining investors’ long-term optimism.
The increasing circulating supply also makes it necessary for XRP Coin’s market value to exceed its 2021 peak in order for the price to reach $2. With the current circulating supply, a market value of roughly $1.35 per unit is feasible.
Turning back to the price, the targets in the weekly chart shared above are current. The price has returned to the parallel channel support, and closures below it could trigger new lows between $0.54 and $0.48. Below that, there is support at $0.46-$0.47.
What Will FLOKI Coin’s Price Be?
The hype in meme coins has faded. As Solana was reaching its ATH level, BTC took an early downturn, and investors who love high risk started rapid sell-offs. FLOKI Coin saw a sharp decline after achieving massive gains in the past few weeks.
An over 94% profitability rate for investors was signaling those expecting new peaks. Now, especially with short-term traders exiting, the price faces the risk of falling below $0.000163. If the feared scenario occurs, the price could drop to $0.0000943, adding a zero before it. After that, there is a potential to fall to $0.0000357.
However, if BTC quickly recovers from the $60,000 region and entries into meme coins resume, a return to $0.000250 and $0.000298 could be seen.
