Bitcoin and Ripple Price Forecast | BTC and XRP Outlook Ahead of FOMC

Bitcoin (BTC) remained flat during the trading session on Tuesday, which may not be a huge surprise considering that the FOMC Meeting finishes on Wednesday, and markets might be in a bit of a “holding pattern” at the moment. After all, Bitcoin will need to see more of a “risk on” type of move in the markets to truly benefit from new money.

The technical analysis for Bitcoin at the moment is somewhat flat, as the 50 Day EMA sits at the $113,510 level and is relatively flat in its own right. That being said, it’s also worth noting that we have recently rallied quite nicely from the $110,000 region, and the last couple of days look a bit like a bullish flag. If the market were to be able to break above the $117,000 level, it could open up a move to the $120,000 level.

On the other hand, if Bitcoin were to break down below the 50 Day EMA, then it could signal a move down to the $111,000 level. Underneath there, then you have the $110,000 level which of course has a certain amount of psychology attached to it. All things being equal, this is a market that is still bullish over bullish but has seen some questions asked of it as of late. By the end of the Wednesday session, we may have a bit more clarity as to where the momentum is starting to run toward.

Ripple (XRP)

Ripple (XRP) has been noisy during the trading session on Tuesday, as we continue to hang around the psychologically important $3.00 level. Furthermore, this is an area that’s been important in the past, and of course we have the 50 Day EMA sitting at the $2.94 level, offering a little bit of support. The $3.20 level has been a bit resistant, so breaking above there would obviously be a very bullish turn of events, but at this point it looks like it would be a bit of a stretch.

After the recent rally, we have seen Ripple pull back a bit and just simply hug the $3.00 level. This does make a certain amount of sense, because it is a psychologically important figure, and it probably attracts a lot of attention. With that being said, I think you have to look at this as a market that is more likely than not going to continue to be “buy on the dip”, but again, much like Bitcoin, it will need more risk appetite in the markets to truly get moving.

If Bitcoin were to break down below the 50 Day EMA, then it could send the market down toward the $2.80 level, which was a major support level as of late, and I think it is worth noting that it had served as a bit of a “hard floor” considering how much trouble Ripple had been in previously. Over the longer term, Ripple will need to see bigger coins such as Bitcoin and Ethereum do well in order to attract new inflows.

 

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