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XRP soars by 11% after Ripple score a huge win in its ongoing SEC case

XRP is the best performer amongst the top 10 cryptocurrencies by market cap today…

The post XRP soars by 11% after Ripple score a huge win in its ongoing SEC case appeared first on CoinJournal.

XRP is the best performer amongst the top 10 cryptocurrencies by market cap today after rallying by more than 10%.

XRP, the native coin of the Ripple ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap on Friday. The rally comes after Ripple scored an important win in its ongoing case with the United States Securities and Exchange Commission (SEC).

The positive performance coincides with that of the broader cryptocurrency market. The total crypto market cap is close to $950 billion after adding more than 1% to its value in the last 24 hours.

Bitcoin, the world’s number one cryptocurrency, could be heading towards the $20k resistance level after adding more than 1% to its value today. Ether is also up by more than 1% and is trading at $1,345 per coin at press time.

XRP’s rally comes after the United States District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents relating to former Division Director William Hinman.

According to the documents, Hinman said Bitcoin and Ether are not securities. The SEC has now been asked to release the documents, and Ripple believes they contain a key piece of evidence in the case the SEC has brought against it.

Key levels to watch

The XRP/USD 4-hour chart has turned bullish as XRP has been performing well over the last few hours.

XRP/USD Chart By TradingView

The MACD line crossed from the negative zone into the positive region, indicating that the bulls have regained control of the market. 

The 14-day relative strength index of 63 shows that XRP could enter the overbought region if the rally continues.

At press time, XRP is trading at $0.49010 per coin. If the bulls remain in charge, XRP could surge past the $0.5413 resistance level before the end of the day.

Unless there is an extended rally, XRP could find it hard to move past the $0.69440 resistance level over the weekend. 

Where to buy now

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy XRP with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy XRP with Bitstamp today

The post XRP soars by 11% after Ripple score a huge win in its ongoing SEC case appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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4 bearish factors for Bitcoin this week

The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar Bitcoin might give up some of its 2023 gains on a hawkish Fed All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening The Federal Reserve’s monetary policy decision is scheduled this week. It is the […]

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

  • The Federal Reserve meeting scheduled on Wednesday may be hawkish for the dollar
  • Bitcoin might give up some of its 2023 gains on a hawkish Fed
  • All eyes are on the Fed’s view on inflation, growth, future interest rates, and quantitative tightening

The Federal Reserve’s monetary policy decision is scheduled this week. It is the first time the FOMC (Federal Open Market Committee) meets in 2023, and the stakes are high for the US dollar.

Bitcoin has strengthened against the US dollar in January so far, in sync with other fiat currencies. Therefore, whatever the Fed decides on Wednesday will affect Bitcoin price too.

A hawkish Fed may turn up being bearish for Bitcoin. These are the four areas where the Fed may express its hawkishness: inflation outlook, growth outlook, interest rates level, and quantitative tightening.

Inflation outlook

The Fed is committed to bringing inflation to its 2% target. This is why it has raised rates so aggressively, so if the Fed says that inflation is embedded and upside risks remain, then the US dollar should move higher.

In this scenario, the market will bet that the Fed sees ongoing rate hikes as appropriate.

Growth outlook

The currency stance is that a sustained period of below-trend growth is likely. If the Fed changed its view and sees recession required to have a material impact on the inflation outlook, that would also trigger a sharp move higher in the dollar.

Interest rates

Ultimately, it is all about the interest rate level. The funds rate range has reached 4.25%-4.50%, and all eyes are on what the Fed does and says on Wednesday.

The base case scenario is that the Fed will hike by 25bp and says that ongoing interest rate increases are appropriate. Therefore, anything more than that should be bullish for the dollar and bearish for Bitcoin.

For example, the Fed might hike 50bp. This is a risk going into the meeting, especially considering that inflation is not backing down as fast as initially thought.

Quantitative tightening

The Fed currently shrinks the balance sheet at a pace of $95 billion/month. A decision to accelerate the balance sheet reduction would be very hawkish for the dollar.

The post 4 bearish factors for Bitcoin this week appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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