The total crypto market value and Bitcoin’s price are finding strong ground to prevent further losses. The crypto market is receiving mixed signals, causing some altcoins to rise. Ripple (XRP) was one of them, increasing by more than 6.7% in the last 24 hours. Here, we examine the notable data and important developments together.
What to Expect in the Markets?
The total crypto market value of $2.32 trillion is holding strongly above the $2.29 trillion support. This level has prevented additional losses for about two weeks, despite failed attempts to secure the $2.40 trillion support.
Another reason for the slowdown is the upcoming Federal Open Market Committee (FOMC) meeting. Although no changes are expected in the current 5.25% – 5.50% interest rate, comments related to the September meeting are the focus.
With the cooling process, it is expected that the FOMC will consider lowering interest rates, which could affect the crypto market. For now, as long as the total is above $2.30 trillion, there is not much to worry about, but losing this could extend investors’ losses.
Bitcoin Chart Analysis
Bitcoin’s price is not different from TOTAL, which is at the $66,000 level. After falling from $70,000 over the weekend, Bitcoin is now rising above the critical support level of $65,000.
The chance of falling below this is low, but a drop could send Bitcoin to $63,100, erasing all gains made by investors in the last two weeks. This would also make recovery a bit more difficult. On the other hand, securing $67,000 as support could significantly change the situation. This test would allow Bitcoin to rise and attempt to break the resistance at $70,000.
XRP Chart Analysis
Moving in a different direction from the rest of the market today, XRP managed to record a 6.7% increase. In doing so, XRP reached a four-month high, trading at $0.64 at the time of writing.
This also helped the XRP price surpass the resistance of the 50% Fibonacci Retracement line at $0.62. Securing this as a support base could direct the altcoin towards the 61.8% Fib line at $0.66. However, losing the support could cause XRP to fall below $0.62 once again, keeping potential profits of investors under pressure.
