The U.S. Federal Reserve’s recent decisions have impacted the cryptocurrency market, leading to a downturn in prices. Despite expectations for significant interest rate cuts due to the latest inflation data, the Fed did not make the anticipated move. This has lowered the market’s outlook for rate reductions this year, further depressing cryptocurrency values. Observers suggest that if June inflation data shows another drop, the Fed might reconsider its stance on rate cuts.
What Happened to XRP Coin?
The Ripple team has announced plans to launch a stablecoin on both the Ethereum and XRPL networks by year-end. This development, alongside an agreement on the AXL bridge, could positively influence XRP Coin forecasts for 2024. Ripple’s previous struggles with legal issues have hindered ecosystem development, but addressing these challenges could boost the coin’s price. Currently, XRP is trading at $0.479, just above a critical support level.
What’s New with SOL Coin?
SOL Coin, which earlier found buyers above $142, needs to climb back to the $158-$164 range. The price recently rebounded from support, but a downward break could lead to tests of lower stops between $122 and $98. Although BNB Coin reached its all-time high, SOL Coin’s failure to maintain the $205 resistance dashed hopes for a $256 target. Investors should note potential opportunities for gains in the double-digit price range and closely monitor closing prices to gauge future movements.
Key Insights for Investors
– Monitor June inflation data for potential shifts in Fed decisions.
– Follow Ripple’s stablecoin launch progress on Ethereum and XRPL for XRP price impacts.
– Watch SOL Coin’s support and resistance levels for investment opportunities.
– Track BTC price trends, as they significantly influence overall market movements.
Shiba Coin Analysis
SHIBA Coin has been moving within a broad parallel channel for 103 days and is now testing its bottom for the first time since mid-April. A break below this level could result in gradual sales, pushing prices down to where the recent rise began. Key buying zones around $0.0000209 might offer opportunities, but if BTC’s decline continues, SHIBA could see a 50% drop down to $0.0000099.