Bitcoin eyes $30K, XRP price jumps 6% after Ripple’s legal…


Bitcoin (BTC) passed $29,500 on Oct. 20 after an eventful 24 hours boosted BTC price trajectory, while XRP’s (XRP) price jumped above $0.50 in response to Ripple’s big legal win.

0339a90f 5f51 4f36 9c2b 5cc39345f92c
BTC/USD 1-hour chart. Source: TradingView

Hawkish Fed’s Powell fails to dent BTC price

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it edged closer to two-month highs from the start of the week.

The largest cryptocurrency appeared to feed off events surrounding a speech from Jerome Powell, chair of the United States Federal Reserve, the day prior.

Amid a U.S. bond rout, Powell was under pressure to deliver appropriate wording, and analysis even predicted a “very dovish” tone would dominate. In the event, the speech, which was briefly interrupted by protesters, saw Powell as highly conservative on the outlook.

“The stance of policy is restrictive, meaning that tight policy is putting downward pressure on economic activity and inflation,” he said about interest rate hikes.

“Given the fast pace of the tightening, there may still be meaningful tightening in the pipeline.”

Powell said that the Fed acknowledged the potential problems of hiking rates too far.

“Doing too little could allow above-target inflation to become entrenched and ultimately require monetary policy to wring more persistent inflation from the economy at a high cost to employment. Doing too much could also do unnecessary harm to the economy,” he continued.

“Given the uncertainties and risks, and how far we have come, the Committee is proceeding carefully.”

Data from CME Group’s FedWatch Tool showed changing tides among market expectations when it comes to future rate decisions.

At its next meeting on Nov. 1, the Federal Open Market Committee (FOMC) is now unanimously thought to hold rates at their current levels, per data from CME Group’s FedWatch Tool. Before Powell, the odds stood at 88%.

0d28b533 b9ae 4171 bf9a 475231706d16
Fed target rate probabilities chart. Source: CME Group

Following the speech, news broke that U.S. regulators had dropped criminal charges against executives of blockchain firm Ripple.

XRP’s price responded immediately, trading up over 6% in 24 hours at the time of writing.

d8fac23b 8e58 439c b839 46a160cdb1c2
XRP/USD 1-hour chart. Source: TradingView

Trader suggests Bitcoin “impulse” is here

Amid a backdrop of increasing anticipation over the approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), Bitcoin gained momentum overnight.

Related: Bitcoin metrics ‘improve bullish odds’ as BTC price holds 200-week trendline

At the time of writing, the day’s highs stood at $29,689 — just $200 from the top of a snap volatility wick seen on Oct. 17.

“Bitcoin filling the wick, slowly but surely. Let’s go for that $30k tap,” popular trader Jelle wrote in part of an X analysis on the day, having previously argued that Bitcoin looked “eager to fill” the Oct. 17 wick.

“Today it’s going a very interesting day for trading… They have hit exactly $29400 where there were many liquidations,” fellow trader CrypNuevo continued.

In various X posts, CrypNuevo uploaded liquidation data from the past days, warning that long positions outnumbered shorts four to one. Bitcoin, he suggested, could retrace during the U.S. trading session.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

You might also like
Leave A Reply

Your email address will not be published.

You have not selected any currency to display
Translate »