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Since 2021, cryptocurrency enthusiasts have eagerly awaited the return of consistent market upswings. However, just as regulatory pressures and core issues appeared resolved, Trump’s tariffs have immobilized markets for nearly six months. What forecasts lie ahead for SOL, XRP, and BNB Coin during Eid al-Adha?
Current State of Cryptocurrencies
U.S. stock futures struggle for direction, impacted by significantly lower than expected ADP data, shifting focus to Friday—the first day of Eid al-Adha. Employment and wage growth data will influence the crypto market‘s trajectory during the holiday.
The impact of Wednesday’s bond rally diminishes, stabilizing the yield of 10-year U.S. Treasury bonds. Meanwhile, the dollar index experiences a slight dip, whereas European stocks rise, fueled by the anticipated ECB rate cut announcement.
Recent figures serve as a warning regarding employment, although JOLTS balances this. Consequently, Friday’s Non-Farm Payroll and Unemployment Rates gain significance. While the ECB had not announced its rate decision at the time of writing, a 25bp cut seems certain. Additionally, expectations for tariff issues to resolve in June and July spark forecasts for a new reduction in September, already priced into the market. Cryptocurrencies now need concrete trade deals to eliminate uncertainty.
By the time of publication, the ECB rate cut decision may have been announced. Any noteworthy details will be shared as breaking news at 15:45.
SOL, XRP, and BNB Price Targets
All major central banks, aside from the Fed, continue cutting rates. Global liquidity is expanding, with market hopes pinned on a Fed cut to spur upward trends. Eid al-Adha will likely influence market trends, alongside potential surprises from the Trump-Xi meeting and Friday’s data. These factors will guide the market’s direction.
The $148 level serves as a crucial area for SOL Coin. If it remains intact and upwards momentum persists, a swift reclaiming of $168 will follow. During possible optimism, the target range might extend to $188 and $203.
XRP Coin hasn’t approached the $2.09 support yet, a positive sign. An upward shift on Friday could lead to closures above $2.34, pushing upper wicks towards $2.55. Conversely, risks exist for a decline to $1.98 and $1.76. Markets might not respond meekly to potential U.S.-China tensions. BTC losing six-digit levels opens the door for a swift $1.76 test.
BNB Coin stands as one of the most volatile altcoins. Although it gradually rises, it fails to achieve closures above $670. Despite a resolved lawsuit, it’s yet to reflect this in pricing. Should the market trend upwards, a rapid test of the $690-$730 range is expected. In a negative scenario, targets clearly are $638 and $587. We shall witness these developments unfold, with the future remaining unseen.
