Cryptocurrencies Price Prediction: Polygon, Ethereum & Ripple — Asian Wrap 20 June

FXStreet Team FXStreet

Why Polygon is at risk of turning into a worthless penny stock

Polygon (MATIC) price is set to book its eighth straight week of losses, even eleven if you do not count the marginally profitable week from mid-April. MATIC price already trades in cents, once the defense breaks, it could even be trading in tenths of a cent. With that, MATIC price could become worthless and obsolete.

Why Ethereum price will need to bite through the sour apple

Ethereum price is already too far gone in the new area for recovery. ETH price will drop 50% before founding essential and strong enough support to halt the descent. Expect an L-shaped to W-shaped recovery, as current tail risks will linger for some time.

Why Ripple needs another 50% correction before investors will think about returning

Ripple price sees massive outflows of funds as the demand-side dries up. XRP price is too far off from the upper barrier to make a return and can only go one way down. Expect another 50% drop to $0.173 before a bounce-off and turnaround could be triggered.

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FXStreet Team

FXStreet

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XRP holds bearish bias despite spot ETF inflows

Ripple (XRP) retains a bearish near-term tone on Friday, falling toward the psychological support at $1.00. This follows renewed inflation concerns in the United States (US) after the Federal Reserve (Fed) left interest rates unchanged, as two members of the committee dissented in favor of a 25 basis point hike.

Crypto Today: Bitcoin, Ethereum, XRP edge lower despite renewed ETF inflows

The cryptocurrency market broadly corrects on Friday, as investors assess macro uncertainty and geopolitical tensions, which continue to escalate in the Middle East. Bitcoin (BTC) is trading below $64,000, down from the weekly high of $65,745. Altcoins such as Ethereum (ETH) and Ripple (XRP) are trading under increasing selling pressure below $1,900 and $1.10, respectively.

US sanctions Iran-linked Bitcoin insurance scheme for Strait of Hormuz ships

The U.S. Treasury has sanctioned two Iranian firms behind a maritime insurance operation that accepted Bitcoin, saying the scheme forced commercial vessels to buy coverage to pass through the Strait of Hormuz and funnelled the proceeds to the Islamic Revolutionary Guard Corps.

Bitcoin Weekly Forecast: Bulls hold the line

Bitcoin (BTC) edges slightly lower, trading at $64,300 at the time of writing on Friday but holding firmly above a key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) support BTC as they continued to attract institutional flows through Thursday, pointing to the fourth consecutive week of net inflows.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.