Inflation Data Fuels $99B Crypto Surge
Recent U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) reports signaling easing inflation have significantly impacted the cryptocurrency market. Investors are closely watching key developments that could influence Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices this week.
Bitcoin, Ethereum, and Ripple Recover Amidst Market Surge
Following the positive CPI and PPI data, Bitcoin, Ethereum, and Ripple saw modest gains, counteracting concerns related to US-Canada-Mexico trade tensions. The global cryptocurrency market capitalization experienced a $99.7 billion surge in the past week, reaching $2.71 trillion on March 15. This substantial increase reflects increased investor confidence and capital inflows into the crypto market.
3 Key Market Catalysts to Watch
Several factors could significantly impact the prices of major cryptocurrencies in the coming days:
Bitcoin Price Forecast: Potential for $90,000
Bitcoin is trading near $84,312, attempting to break key resistance levels. Speculation that MicroStrategy (now Strategy) may resume BTC purchases could fuel a rally. Technical indicators like tightening Bollinger Bands suggest a potential breakout. A successful breach above the 50-day moving average could lead to gains towards $90,000. However, the RSI remains below 50, indicating weak bullish momentum. Support levels around $78,326 and $75,000 could be tested if market conditions weaken.
Ripple (XRP) Price Forecast: Altcoin ETF Progress
XRP surged to $2.50, fueled by positive macroeconomic sentiment and hope for an SEC settlement. Reports suggest the SEC might classify XRP as a commodity. Technical analysis shows bullish signals, with strong volume and the 200-day moving average providing support. A price target of $3.00 is possible if ETF optimism continues. However, a failure to hold above $2.50 could lead to a retracement towards $2.20 or even $1.87.
Ethereum Price Forecast: Fed Rate Pause Impact
Ethereum has faced recent headwinds but could benefit from a more dovish Federal Reserve policy. Analysts predict a potential rate pause or cuts in 2025, which could boost liquidity and increase demand for ETH. Ethereum faces resistance around $2,330, with support at $1,754. A successful move above resistance could push prices towards $2,839. However, failure to break above $2,000 could result in further corrections.
Disclaimer: This analysis reflects the author's opinion and is subject to market conditions. Conduct thorough research before investing. Codeum is not responsible for any financial losses.