. Daily Crypto Analysis - XRP Hits $0.60, Igniting Crypto Enthusiasm Amid Fed Decision

Daily Crypto Analysis – XRP Hits $0.60, Igniting Crypto Enthusiasm Amid Fed Decision

Daily Crypto Analysis – XRP Hits $0.60, Igniting Crypto Enthusiasm Amid Fed Decision

01 Nov 2023

Introduction:

In the world of cryptocurrencies, Ripple (XRP) has surged to $0.60, its highest point since August 2023, driven by retail interest and the potential for an ongoing uptrend. On-chain data from Sentiment indicates a growing attraction to XRP tokens, with a recent 25% gain for holders in just 12 days. Meanwhile, the crypto market exhibits a mix of developments, including Bitcoin’s recent sell signals and Ethereum’s remarkable dominance in securing deposited funds and contributing to Total Value Locked (TVL) growth.

Ripple:

Ripple rallied to $0.60 likely driven by retail participation, and it can resume the uptrend.

Ripple’s value reached $0.60 in the early hours of Tuesday, marking the first time since August 2023. On-chain tracker Sentiment indicates growing interest in XRP tokens among investors.

The upward momentum in XRP’s price is expected to persist, having already delivered a 25% increase to holders in just 12 days.

XRP’s price, which briefly reached $0.60 on October 31, its highest point since mid-August, subsequently retraced its gains. Cryptocurrency traders are currently keeping a close watch on the upcoming interest rate decision from the US Federal Reserve, as it is expected to influence the direction of XRP’s price trend.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.578 | Positive Crossover | Bullish
  • MA 20: 0.555| Positive Crossover | Bullish
  • MA 50: 0.532| Positive Crossover | Bullish

Simple:

  • MA 5: 0.580 | Positive Crossover | Bullish
  • MA 20: 0.551| Positive Crossover | Bullish
  • MA 50: 0.523 | Positive Crossover | Bullish

RSI (Relative Strength Index): 69.68| Buy Zone |Bullish

Stochastic Oscillator: 69.14| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.597| R2: 0.682
  • S1: 0.536| S2: 0.466

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 0.618 | Take Profit: 0.682 | Stop Loss: 0.575.

Elsewhere In the Crypto Market

The price of Bitcoin (BTC) has recently generated multiple sell signals, both from a technical analysis and on-chain data standpoint. In past week, Ethereum has demonstrated significant dominance in the cryptocurrency market, accounting for 76% of all deposited funds and contributing $6.68 billion to the overall Total Value Locked (TVL) growth of $8.76 billion.

Bitcoin down (0.74%) at 34404.00, Ethereum down (1.19%) at 1,794.2, Litecoin down (1.64%) at 67.80, Solana up (7.81%) at 39.48, Doge coin down at (2.83%) at 0.66 as of writing time.

Key Economic Events & Data Release Today:

(USD) ADP Nonfarm Employment Change (Oct) Forecast 150K, Previous 89K at 17:45.

(USD) ISM Manufacturing PMI (Oct) Forecast 49.0, Previous 49.0 at 19:30.

(USD) Fed Interest Rate Decision at 23:30.

(USD) FOMC Statement at 23:30.