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Cryptocurrencies Price Prediction: Ripple, Bitcoin & Crypto – European Wrap 8 January

Cryptocurrencies Price Prediction: Ripple, Bitcoin & Crypto – European Wrap 8 January
FXStreet TeamFXStreet TeamFXStreet

Ripple Price Forecast: XRP risks sliding below $2.00 amid slowing institutional, retail demand

Ripple (XRP) is trading down for the third consecutive day on Thursday amid escalating volatility in the cyrptocurrency market. After peaking at $2.41 on Tuesday, its highest print since November 14 amid the early-year rally, XRP has quickly ran into aggressive profit-taking.

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Crypto Today: Bitcoin, Ethereum, XRP extend decline as ETF outflows pose headwinds

Bitcoin (BTC) is trading around $90,000 at the time of writing on Thursday as volatility grips the broader cryptocurrency market. The decline from BTC’s weekly high of $94,789 can be attributed to uncertainty about wether the early-year rally will continue, which likely triggered profit-taking.

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Crypto fails to find support for a breakout

The crypto market remained under pressure throughout Wednesday and early trading on Thursday, losing about 4% of its capitalisation to $3.08 trillion over the day. The market once again confirmed its cautious sentiment, retreating from the upper boundary of the consolidation range of the last eight weeks. The retreat of the stock markets created an unfavourable backdrop, and cryptocurrencies were unable to move from a rebound mode after the decline to a full-fledged recovery.

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FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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