Altcoins
XRP Price Outlook Seems Promising as US Debt Ceiling Deal Sparks Risk Sentiment
XRP price has been in a steady uptrend for five consecutive days despite macroeconomic factors weighing on markets. At the time of writing, XRP was trading slightly higher at $0.4853, with its market cap inching higher for the day. The coin’s volume has also moved higher in the past 24 hours, hinting at a bullish outlook.
Fundamental Analysis
XRP price has staged a significant recovery in the past few days, jumping more than 6% in the past week. The coin has managed to secure a place among the best-performing altcoins in the past week. Its market cap has tilted higher to $25 billion, ranking the asset 6th after USD Coin.
The cryptocurrency market was in the green on Monday, with the global crypto market cap jumping more than 1% over the day to $1.15 trillion. The total cryptocurrency market volume increased by nearly 62% over the same period. The recent rally in the crypto market has been on the back of the finalization of the US debt ceiling deal that has been gnawing on markets for the past few days.
The US dollar shied away from its six-month high on Monday after US President Biden and House Speaker Kevin McCarthy finalized a budget agreement, suspending the $31.4 trillion debt ceiling to 2025. This will allow the US government to continue borrowing money and pay its bills on time. Even so, Congress must pass the deal before June 5, when the US Treasury is said to run out of cash.
The US debt ceiling deal lifted risk appetite in global markets while denting the greenback’s safe-haven appeal. The deal has seen risk assets such as cryptocurrencies and stocks rally. However, concerns that the Federal Reserve is likely to hike its interest rates further in its next June meeting have continued to weigh on the assets.
The economic resilience in the United States has reinforced markets expectations of the Fed hiking its funds rate in June. Higher interest rates have the potential to sway cryptocurrency markets. In focus is the CB Consumer Confidence data for May set to be released on Tuesday.
XRP Price Analysis
XRP price appears optimistic with its recent market trends suggesting a bullish trend. XRP price has moved past the descending channel shown in yellow. The asset has managed to move above the 50-day, 100-day, and 200-day exponential moving averages (EMA). It is also hovering above the 50-day and 100-day simple moving averages (SMA). Its Relative Strength Index (RSI) has jumped to 62, slightly below the overbought zone.
As such, the XRP price is likely to further extend its uptrend in the upcoming few weeks as buyers eye this year’s high at $0.5850. However, we cannot rule out a move below the 50-day EMA which will invalidate the bullish view.
XRP Price Chart
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
XRP price has been under intense pressure for the past few weeks, moving in tandem with the general crypto market movements. The asset has crashed by more than 20% in the month to date and 7% in the past week. XRP’s total market cap has plunged to $26 billion over the past few weeks, with the total volume of the asset traded over the last day down by 11%.
Regulatory Concerns
XRP price has posted significant losses over the past few weeks amid the bearish crypto market sentiment and regulatory concerns in the sector. The global crypto market cap has been under immense pressure over the past few weeks, with the overall crypto market cap inching lower to $1.04 trillion. The premier cryptocurrency, Bitcoin, has been struggling below the crucial level of $26,000 over the past few days, weakening the crypto market outlook.
Major altcoins, including Ethereum, Solana, Dogecoin, and Cardano, among others, have also succumbed to the general market outlook, dipping by more than 3% each. The Crypto Fear and Greed Index, which measures the key emotions driving the crypto market, is currently at a fear level of 35, pointing to an increase in selling pressure.
The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has also been weighing on the XRP price. The XRP price jumped by more than 70% in July after a federal judge ruled…
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