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The total crypto market cap (TOTAL) and Bitcoin’s (BTC) price are finding strong footing to prevent further losses. The crypto market is experiencing mixed signals, resulting in some altcoins noting a rise. Ripple (XRP) was one of them, and it rose by more than 6.7% in the last 24 hours.
In the news today:-
US presidential candidate Donald Trump has reportedly raised over $25 million through the Bitcoin Conference Fundraiser. This comes after the Trump campaign raised nearly $4 million in crypto last month.
Russia’s State Duma approved a new law regarding digital assets. This law regulates crypto mining and the circulation of crypto assets and enables international settlements in digital assets.
The Crypto Market Is Stable
The total crypto market cap, at $2.32 trillion, is strongly holding above the support of $2.29 trillion. This level has prevented additional losses for nearly two weeks now despite failed attempts at securing $2.40 trillion as support.
Another reason behind the slowdown in movement is the upcoming Federal Open Market Committee (FOMC) meeting. While the FOMC is not expected to make any change in the interest rate, which is currently at 5.25% – 5.50%, the comments regarding the September meeting are the focus.
With the action cooling down, the FOMC is expected to consider decreasing interest rates, which could impact the crypto market. For now, as long as the total is above $2.30 trillion, there is not much to worry about. However, losing it could extend the investors’ losses.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Bitcoin’s Price Follows the Same Trail
Bitcoin’s price is no different than TOTAL, which stands at $66,000. After falling from $70,000 over the weekend, BTC is moving above the support of $65,000, which is currently a critical support level.
The chances of falling below it are low, but a drawdown could send BTC to $63,100, wiping any gains noted by investors over the last two weeks. This would also make recovery a tad bit difficult.
Read More: Bitcoin Halving History: Everything You Need To Know
Securing $67,000 as support, on the other hand, could considerably change the situation. This test would enable BTC to bounce back and attempt to breach the resistance at $70,000.
XRP Price Hits a Four-Month High
Traveling in a different direction than the rest of the market today, the XRP price managed to post a 6.7% rise. In doing so, the Ripple native token has marked a four-month high, trading at $0.64 at the time of writing.
This has also helped XRP price breach the resistance of the 50% Fibonacci Retracement line at $0.62. Securing it as a support floor would push the altcoin towards the 61.8% Fib line at $0.66.
Read More: XRP ETF Explained: What It Is and How It Works
But losing support would once again cause the Ripple native token to move under $0.62, keeping investors’ potential profits subdued.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Author : earthnews
Publish date : 2024-07-31 07:04:45
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