XRP Coin has surged by 11% today as BTC reaches the $99,000 mark, reflecting a $10,000 increase from its last peak. If this level can be sustained, even higher peaks may be on the horizon. Furthermore, with Trump officially assuming office soon, rapid executive orders regarding cryptocurrencies are anticipated. What do experts have to say?
Current State of Cryptocurrencies
BTC remains above $99,000, while many altcoins are experiencing losses exceeding 5%. Despite a recent drop of $108,000, they have not yet reached their previous price levels. The rapid fluctuations in BTC prices have led to some altcoins witnessing larger declines, although exceptions like XRP Coin persist.
The Bureau of Labor Statistics recently released an inflation report indicating a monthly increase in CPI of 0.4%. The rise is largely attributed to a 4.4% hike in gasoline prices. Energy prices overall increased by 2.6%, supporting this trend, while food prices showed weaker gains. Considering energy prices may stabilize more easily, hopes for inflation remain alive.
Expert Predictions for Cryptocurrencies
The maintenance of the $98,500 mark for BTC fuels optimism for future increases. Additionally, the rapid turn in altcoins is seen as a positive signal for risk appetite. At the time of writing, U.S. stock markets opened positively. Moustache shared the TOTAL3 chart for altcoins, indicating that smaller market cap cryptocurrencies might gain momentum.
“The breakout of the Falling Wedge is complete, with RSI below 30 and supportive. Re-test the Falling Wedge + Inverted Head and Shoulders formation.
The best phase of the entire cycle begins when yellow breaks. Leave all bears behind and head towards new peaks.”
Altcoin hopeful predictions also came from Jelle.
“Altcoins seem ready for price discovery! The trend line has been successfully crossed and re-tested – there are very few obstacles ahead of new all-time highs. Game time, folks; everything is going up.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
