Exploring the Link between Global Events and the Recent Surge in Bitcoin and XRP Coin Prices
Why Is Bitcoin Rising?
The price of BTC has been on the rise, with an increase of $1000 in just an hour after the US market opened. The recent PMI data showed a slower economic growth rate, which led to a positive impact on the risk markets. This positive sentiment is expected to continue with the upcoming quarterly earnings reports.
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The economic environment has been quite vibrant, which is negatively impacting inflation. However, the PMI data coming in below expectations signals a slowdown. If Friday’s PCE data also falls below expectations, the macroeconomic pressure may start to ease. In an optimistic scenario, the Fed may start making more dovish statements, and the market could anticipate the first rate cut as early as the September meeting. This could lead to a comfortable reduction in rates in anticipation of the post-halving rise. BTC could then climb to $69,000, $71,300, and eventually $73,777.
A strong bullish signal would be breaking and closing above the twice-tested $67,300 level. Throughout the week, earnings reports from Microsoft and others are expected to support the stock markets, which could benefit crypto.
XRP Coin Price Prediction
Technical analysis shows that the recent rise in XRP is linked to maintaining a multi-year upward trend line. The XRP Coin price, finding buyers above the 200-week EMA, is now preparing to retest the descending trend line resistance at $0.596. To do this, closures above $0.556 are necessary. Currently, the price is just $0.01 below this region, and if BTC continues to rise, a strong attempt could begin.
Crypto analyst Milkybull Crypto recently pointed out a fractal on the monthly chart in his latest assessment. According to this, XRP Coin price has been initiating rallies from the rising trend line since 2020. During the 2014-2017 period, XRP Coin experienced impressive rises similar to today’s scenario. According to the analyst’s prediction, such a scenario could unfold in the coming months.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
