Bitcoin Surges Above $29,500 as XRP Price Jumps on Ripple Legal Win
Bitcoin (BTC) reached a price of over $29,500 on October 20, following a series of events that boosted its trajectory. Meanwhile, XRP’s (XRP) price also saw an increase above $0.50 in response to Ripple’s legal victory.
Hawkish Fed’s Powell Fails to Affect BTC Price
Bitcoin seemed to be influenced by the events surrounding a speech from Jerome Powell, chair of the United States Federal Reserve, the day before. Powell was expected to adopt a dovish stance due to the U.S. bond rout, but his speech revealed a conservative outlook on interest rate hikes.
“The stance of policy is restrictive…Given the uncertainties and risks, and how far we have come, the Committee is proceeding carefully.”
Data from CME Group’s FedWatch Tool showed changing market expectations for future rate decisions, with the likelihood of rates remaining unchanged at the next meeting rising to 100% after Powell’s speech.
Ripple Legal Win Boosts XRP Price
Following Powell’s speech, news broke that U.S. regulators had dropped criminal charges against Ripple executives. This development caused XRP’s price to surge by more than 6% within 24 hours.
Bitcoin Gains Momentum Amid ETF Approval Anticipation
With increasing anticipation over the approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), Bitcoin gained momentum. At the time of writing, it reached a daily high of $29,689.
Traders Analyze Bitcoin’s Impulse
Traders analyzed Bitcoin’s performance and predicted potential price movements. They observed that Bitcoin could retrace during the U.S. trading session due to an increase in long positions and liquidations.
Hot Take: Bitcoin Continues to Surge, XRP Rises on Legal Win
Bitcoin’s price continues to climb, driven by various factors such as the Federal Reserve’s conservative stance and anticipation over the approval of a Bitcoin ETF. Additionally, XRP experienced a significant price jump following the news of dropped charges against Ripple executives. The cryptocurrency market remains dynamic and influenced by both macroeconomic events and regulatory developments.
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