Bulls and bears are fighting for control of CoinQuora
© Reuters Bitcoin, Ethereum and Ripple: Bulls and bears fight for control- Bitcoin’s run to $28,000 is threatened by the upcoming rate hike by the Federal Reserve.
- Brad Garlinghouse is optimistic about winning the lawsuit, pushing XRP higher.
- Technicians suggest a breakout as FOMO kicks in before the merger.
Ahead of the US Federal Reserve’s FOMC meeting, Ethereum and Ripple prices are bracing for impact. Bitcoin witnessed an increase in selling activity and a decline in price after a week of gains. Bitcoin’s price is at a make-or-break point – a decisive move in either direction could define the trend for the asset after the FOMC meeting.
Traders are currently on the fence; However, this is set to change with the news of a rate hike, as predicted by experts. Ahead of an expected rally, Bitcoin holders are cautious. The July 13 hike by the Federal Reserve triggered a 5% drop in Bitcoin price, and the asset recovered from the decline almost immediately.
Bitcoin recovered its losses and a similar reaction is expected from the asset after Wednesday’s meeting. The asset’s run up to $28,000 is threatened by the interest rate hike.
As for the second largest altcoin XRP, the outlook is bullish. Brad Garlinghouse is optimistic that the payments giant will win the court case. A win could lead to bullish sentiment and push XRP higher in the long term. XRP could climb to $0.38 if the altcoin sustains above the $0.34 support.
XRP-USDT exchange rate chart (Source: TradingView)
Ethereum price faces a hurdle at the $1,700 level, and a drop in momentum could extend the altcoin’s downtrend. Ethereum’s price drop below the $1,595 level could confirm a bearish trend reversal in the altcoin. However, a flip above the $1,595 level is a decisive move and could push the altcoin higher.
ETH-USDT exchange rate chart (Source: TradingView)
A daily candlestick closing below $1,335 could indicate a breakdown of Ethereum’s uptrend. This move is likely to invalidate the bullish outlook and Ethereum could resume the monthly low of $877.70 – this is the maximum pain scenario.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CQ. No information in this article should be construed as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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