Connect with us

Hi, what are you looking for?

Crypto News

XRP, BTC, ETH Price Prediction As Inflation Data Sparks Downturn in U.S. Stocks

XRP, BTC, ETH Price Prediction As Inflation Data Sparks Downturn in U.S. Stocks

The release of U.S. inflation data triggered an immediate decline in the Cryptocurrencies price trends. All digital assets experienced a market correction because of this recent development across the crypto market. Bitcoin trades below $83k and Ethereum exists below $1,800 in the current market situation. The current global crypto market cap reaches $2.68 trillion although it has declined by a total of 1.82% throughout the last day.

Trading activities experienced a substantial decline as market liquidity decreased to a 30% drop resulting in $62.18 billion volume. Bitcoin dominance rises to 61% as investors demonstrate a reserved market sentiment across the crypto market. A nationwide market downturn has been caused by stock market variants and decreased customer optimism that resulted in crypto liquidations totaling $450 million.

XRP

XRP has seen a 12% drop in just 48 hours, making it the worst-performing major cryptocurrency this week, despite Ripple’s victory over the SEC. The cryptocurrencies price, particularly XRP’s, has been on a downward trend. 

A crypto analyst noted that if XRP manages to break above $3, it could invalidate the current head-and-shoulders pattern, potentially turning the outlook bullish for the cryptocurrency.

Image

Bitcoin (BTC)

The Bitcoin market suffered a substantial price decrease in recent 24 hours which pushed its value below $83,000. Since recent height at $90,000 the leading Cryptocurrency has started to decline in price. The most recent BTC market information reveals its status at $82,324 while showing a decline of 2% during one day.

Crypto analyst AlI noted Bitcoin’s significant indicator, which shows that its sell-side ratio has dropped down to 0.086%. Previous price recovery signals have emerged when the sell-side ratio dipped below 0.1%.

The persisting bearish pressure would likely lead Bitcoin to fall briefly to $80,000 in the forthcoming period. The BTC price could increase to $90,000 provided the bulls eventually recapture dominance from bears.

Image

Ethereum (ETH)

Ethereum prices faced a major drop during the past day resulting in values falling beneath $1,900 due to market-wide selling pressure. Within this period $136.21 million worth of liquidations occurred because of the price decline. 

ETH price trades at a downward price movement while market participants continue to predict it will reachthe $2,000 mark. Ethereum may reach its key support region at $1,800 if its bearish movement keeps going down. A whale made an impactful purchase of 3,195 ETH which amounted to $5.97 million at the token rate of $1,868. 

This whale has spent 29,341 ETH worth $58.18 million dollars starting from March 26 at $1,983 for each token.

Conclusion

The cryptocurrency market currently experiences difficulties because of underlying economic market indicators. The market participants carefully observe how inflation data influences stocks and cryptocurrencies simultaneously.

The post XRP, BTC, ETH Price Prediction As Inflation Data Sparks Downturn in U.S. Stocks appeared first on CoinGape.

You May Also Like

World News

US Secretary of State Marco Rubio will discuss the possibility of deporting suspected Tren de Aragua gang members to El Salvador in an upcoming...

Science&Tech News

Consumer rights group Which? is suing Apple for £3bn over the way it deploys the iCloud. If the lawsuit succeeds, around 40 million Apple...

Science&Tech News

Battle lines have been drawn between the almost 200 countries meeting in Azerbaijan as they seek to agree a new pot of money to...

Crypto News

The Bank of Russia has issued a directive for financial institutions to prepare for the integration of the digital ruble. The move aims to...