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XRP Price Prediction: Why the End of the SEC Lawsuit Did Not Serve as a Catalyst? Bitcoin Falls Below Key Support Level | Market Outlook Analysis
This article provides an in-depth analysis of the recent significant pullback in the prices of XRP and Bitcoin (BTC). It explores several key factors including the lack of immediate price catalysts, the latency in spot ETF approvals, policy uncertainty ahead of the Fed's Jackson Hole seminar, and the continuous outflow of funds from the crypto market. It offers investors potential turning points in October and forecasts on future price movements.
XRP Joins Broad Crypto Market Pullback, Lacks Price Catalysts
As the SEC lawsuit against Ripple approaches its conclusion, XRP has recently faced strong selling pressure. Investor hopes for a swift end to the Ripple case and the approval of the pending XRP Spot ETF are gradually fading, leaving XRP more exposed to broader market dynamics. It is worth noting that since the SEC and Ripple filed a joint motion to dismiss and withdrew their appeal, XRP has dropped by 15%. Investors are awaiting the approval of the joint motion to dismiss by the U.S. Court of Appeals. However, the end of the Ripple case is unlikely to trigger a key event that could stimulate a price breakthrough. Key events for XRP investors include:
XRP Price Outlook: Focus on Appeal Withdrawal and Spot ETF
XRP plummeted 6.56% on Tuesday, August 19, following a 0.88% decline in the previous trading day, closing at $2.8619. The token underperformed the broader market, with the overall crypto market capitalization dropping 3.43% to $3.74 trillion. In the short term, the price outlook for XRP depends on several key catalysts, including:
Bitcoin Breaks Key Support, Market Anxiety Ahead of Jackson Hole Seminar
While XRP continues to decline due to disappointment over the Spot ETF, Bitcoin (BTC) has closed below the critical support level of $115,000 for the first time since August 5. Recent economic data related to inflation in the U.S. has intensified market uncertainty regarding the Fed's policy stance ahead of the Jackson Hole symposium. Fed Chairman Powell will deliver a speech on Friday, August 22. He may signal a latency in interest rate cuts to continue assessing the impact of tariffs on import prices and inflation. The Fed's delay in interest rate cuts will keep borrowing costs high and strengthen the dollar's position, thus affecting BTC's value storage status. On the other hand, if multiple rate cuts are supported, it may soften the dollar, lower borrowing costs, and boost demand for BTC and other risk assets.
Continuous Outflow of Funds from the US Crypto Market Spot ETF
Concerns about Chairman Powell's monetary policy stance have also affected the fund flows of the Spot BTC ETF. According to Farside Investors, the U.S. BTC Spot ETF market reported a net outflow of $121.7 million on August 18. Fund outflows accelerated on August 19. Key flows include:
BTC Price Outlook: Focus on the Fed and Spot ETF
Bitcoin fell 2.94% on Tuesday, August 19, following a 1.03% drop the previous day, closing at $112,881. Looking ahead, several key events will determine the recent price movement. These include:
Key Market Drivers: Pushing or Hindering Breakthroughs
Traders should track the following key developments to determine whether XRP and BTC will pull back:
Conclusion
Overall, the crypto market is undergoing a pullback, lacking immediate positive catalysts, while being troubled by macro uncertainty and capital outflows. Investors should focus on the potential bullish events for XRP in October and the Fed's policy path, which will be key in determining whether XRP and Bitcoin can reverse the current downturn and restart an upward trend. Short-term market sentiment remains cautious, and close attention should be paid to the aforementioned blockchain industry dynamics.