Bitcoin (BTC) is targeting $67,000 again with the opening of the US markets and is finding buyers at $66,700. XRP Coin has remained strong compared to other altcoins for several weeks and surpassed $0.65 today. Will this rise continue? What do the current price predictions and technical analysis indicate?
XRP Coin Technical Analysis
The price’s upward breakout from the bull flag formation on the chart was the technical reason for the rise. In terms of news flow, tomorrow’s meeting with the SEC is also said to be influential. XRP Coin had also risen before another meeting a few days ago.
A bull flag is a formation that occurs before a strong upward movement and can trigger an increase equal to the previous uptrend when the upper trendline is broken. On July 31, the bulls initiated a successful breakout, but the closures in the coming hours are critically important. If the upward movement continues, new peaks beyond $0.75 could be seen at the beginning of August.
The bad news is that if bad news comes tomorrow, or rather if good news does not come and we do not see anything about a settlement from the meeting, quick profit-taking may begin. Decreasing volume and weakening RSI also support the risk of a decline. The upper trendline of the flag could be tested as support, and if it closes below, we could see a new pullback to $0.58.
Current Status of Cryptocurrencies
In the coming hours, Fed Chairman Powell will make statements regarding the interest rate path. The bulls are waiting for signals of a cut in September. Powell, who has kept rates steady for months and said the risk of excessive tightening is balanced, must now consider the potential damage to the employment sector.
Inflation has fallen to 3%, which is a significant achievement after the 40-year peak of 9.1%. The postponement of the 2% target reflects the need for a gradual easing of interest rates.
The US stock markets are relatively positive, the ADP data was below expectations, reflecting a loosening in employment. On the other hand, Friday’s wage growth and unemployment rate data will also be closely watched this week.
