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Cryptocurrencies Price Prediction: Ripple, Bitcoin & Cryptos – American Wrap 27 August

Cryptocurrencies Price Prediction: Ripple, Bitcoin & Cryptos – American Wrap 27 August
FXStreet TeamFXStreet TeamFXStreet

Ripple whales fuel XRP demand, buy 50 million tokens in 24 hours

Ripple (XRP) lost key support at $0.65 early in August. Since then the altcoin is trading sideways. Key market movers like whale accumulation, XRP supply distribution and on-chain activity are likely influencing the altcoin’s price. 
XRP
Bitcoin (BTC) continues to retrace on Tuesday after declining by 2.2% on Monday as it faced rejection around the daily resistance level of $65,400. The largest crypto asset trades near its 200-day Exponential Moving Average (EMA) around $62,000, a level from which it could stage a rebound supported by technical analysis and positive on-chain data such as a negative exchange netflow and a long-to-short ratio above one.
Bitcoin Spot ETF Net Inflow chart

Bitcoin touched $65,000, a key level on Sunday. The rally in the risk asset is likely a sign of returning risk appetite among traders. Comments from US Federal Reserve Chair Jerome Powell at Jackson Hole confirmed expectations for a potential rate cut in September, which has contributed to optimism among traders. 

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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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