Fed did not benefit the cryptocurrency markets, and the expectation of interest rate cuts for this year has decreased, lowering prices. Essentially, the latest inflation data should have motivated Fed members for a 75bp cut. However, this did not happen. Perhaps with the June inflation data (if it comes in low again), we might see members change their decisions on cuts.
XRP Coin Analysis
Ripple team announced they would launch their stablecoin on Ethereum and XRPL networks by the end of the year. This significant move, along with the agreement on the AXL bridge, improves XRP Coin’s forecasts for the end of 2024. The Ripple team’s inability to take significant steps in building the XRP Coin ecosystem due to their legal issues was a major shortcoming, and addressing this could increase the price.
At the time of writing, the altcoin was trading at $0.479, narrowly escaping the $0.45 tests. If the $0.49 threshold is reclaimed and $0.51 becomes support again, new attempts towards $0.58 and $0.63 could be possible.
SOL Coin Analysis
SOL Coin found buyers above $142 and needs to return to $158 and $164. For now, we see the price turning from support for the third day. If a downward break occurs, we might witness gradual tests of previously noted stops between $122 and $98.
BNB Coin reached its ATH target, but SOL Coin failing to hold the $205 resistance dashed the $256 target due to BTC sales. This confirms that SOL Coin bulls were already weakening before the BTC price decline. Investors might want to consider potential attempts in the double-digit price range for long-term goals. This indicates opportunities for quick gains. Closing above $81 for SOL Coin could continue the rise in the medium term, while below $68, disaster scenario tests will be targeted.
Shiba Coin Analysis
SHIBA Coin has been trading within a broad parallel channel for exactly 103 days and is testing the bottom for the first time since April 13-19. If the bottom breaks, we could see gradual sales towards the point where the rise started.
$0.0000209 or slightly below could be a good stop point for buying from deeper levels. Or the price might recover after dipping into this area. However, if the BTC decline does not reverse, there is a risk of gradual sales down to $0.0000099. This would mean a 50% loss.
