Time is running out and cryptocurrencies faced sell-offs before the Fed meeting, as seen previously. Powell will influence everything. With a single sentence, he can trigger volatility for cryptocurrencies and other risk markets. So, what is the latest situation with XRP Coin and CEEK Coin? What awaits investors?
Latest News on XRP Coin
On Thursday, August 1st, Ripple will sit down with the SEC. This meeting, held behind closed doors, triggered something similar to the rise on July 24th. With the Ripple CEO’s statements hinting at a possible agreement, there is an expectation that the SEC FUD on the XRP Coin front will end. This has led to an increase in prices.
However, it is difficult to get an immediate response from these reconciliation meetings. So, unless there is a big surprise tomorrow, it is unlikely that Ripple and the SEC will resolve everything publicly. Even if an agreement is reached during the legal process, it is likely to be conducted in secrecy until the final stage. The Ripple side cannot break such a confidentiality decision. Therefore, it will not be surprising if those who do not find what they expected on August 1st pull the price down with sales.
Of course, the Fed factor is important here. At the time of writing, there was still more than an hour left for Powell’s statements. The Fed Chairman can change the balance by saying something that will send all markets down (we will not cut rates in 2024) or push them up (a cut in September looks certain).
The price, which recovered from the 0.408 dollar base, reached the target of 0.65 dollars in the middle area of the parallel channel as expected. However, the large upper wick here tells us that profit-taking pressures are dominant. With closures below 0.63 dollars, movements to 0.59 and lower levels can be seen.
CEEK Coin Commentary
Following the rejection at 0.0390 dollars and the weakening of BTC price, CEEK Coin moved back to its all-time low. It may make a deeper dip, for which closures below 0.032 dollars will be sought. Currently, the overall market sentiment, excitement around CEEK Coin, and interest in the metaverse are not supportive of a price rise.
