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Cryptocurrencies are starting to gain momentum amidst the volatility in Bitcoin price. But will this continue? At the time of writing, the king of cryptocurrencies is testing the $26,950 support level. This region has been flipped several times, and the expectation of a rally is weakening due to a significant decrease in open positions worth millions of dollars. On the other hand, XRP Coin price has started to rise a few minutes ago.
Why is XRP Coin Rising?
Earlier this week, we mentioned the upcoming Ripple party scheduled for Sunday and a few days ago. Speculations about an important announcement during this event started circulating on social media. There was a possibility of the price rising with this expectation, and for now, a 6% recovery confirms this. However, if an announcement of significant importance is not made today as expected, investors may be disappointed.
Another development that will please XRP Coin investors is the impending government shutdown in the United States, which will occur in 40 hours. The last time this happened was 5 years ago, and if there is no agreement by the evening of September 30, a shutdown lasting an average of 3 weeks is expected. During this period, 93% of the SEC’s employees will not receive their salaries and will have to go home.
This situation may imply that the SEC will not be able to take the necessary steps regarding the case. At the same time, the 3-week break for new crypto cases has the potential to ease the markets to some extent until the November 1 Fed meeting.
XRP Coin Current Price Analysis
We have been mentioning that the $0.5 support level is critical for further increases. Although bears have tried several times to push the price below $0.495, they have not been successful. Today, a few minutes ago, Ripple initiated an upward attack fueled by the excitement of the victory party. However, due to the weakness in the BTC camp, it seems unlikely that this will be sustained at higher levels.
However, if the $0.54 region can be maintained, the price may find the strength to turn $0.56 into support again. Perhaps we are seeing the anticipation of a forthcoming good news today? If a real good news is coming, it could push the price up to the $0.73 region.
With a strong buying pressure that has raised the price by $0.03 while BTC is about to lose its support level, the situation is intriguing. It is important for investors to be prepared for speculative movements.
