On October 15th, both stocks and cryptocurrencies experienced declines as the dollar began to fall once again. The situation intensified for digital currencies when former President Trump announced after the U.S. market closed that a trade war with China was ongoing. This statement further aggravated the unstable climate for the cryptocurrency market. What do experts predict for the future of SUI and XRP Coin?
Latest Developments in Cryptocurrencies
Despite market optimism surrounding last quarter’s corporate earnings lending support to stocks, cryptocurrencies have bucked this positive trend. Analysts describe the steep six-month upward trajectory in stock markets, unseen since 1950, as a “healthy reset.” This situation has created a favorable environment for short-term profit-taking without severely impacting the overall increase.
Two crucial factors currently drive the stock market. Firstly, the optimism regarding earnings reports; secondly, the pessimism stemming from trade war announcements. While the latter pressures cryptocurrencies, the ongoing balance between these aspects in stocks leans towards the earnings outlook taking precedence.
Reports from financial giants like Morgan Stanley and Bank of America have further fueled optimism. The U.S. Treasury Secretary Scott Bessent recently mentioned that should restrictions on rare earth exports be postponed, customs tariffs might also be suspended. However, the Chinese side has not responded yet.
Observers question, “Didn’t the U.S. and China already agree on rare earth element supplies months ago?” Indeed, they did, yet China’s recent actions suggest otherwise, contributing to Trump’s frustrations. There’s an impending need for a new negotiation summit between the U.S. and China to boost market sentiment with another agreement. Having encountered this situation twice already this year, a similar conclusion could render current prices attractive particularly for cryptocurrencies.
SUI and XRP Coin Insights
Lark Davis identified a rising triangle for SUI Coin that broke downwards during a sudden crash. This scenario aligns with many altcoins where previous support now acts as resistance. The fundamental reasons for this shift were previously elucidated. Should the triangle resistance confirm rejection, Davis suggests that this may provoke a deeper decline.
The price target stated is at the $1 levels. Should SUI Coin start closing daily under these levels, more investors might sell in a bid to minimize their losses.
Ali Martinez has been indicating a target of $3.6 for XRP Coin for weeks but appears disappointed. Sharing the chart above, he pointed out the loss of a key region which could potentially bring the value down to $2.
