Ripple's XRP Surges, Outshines Bitcoin and Ether Amid Crypto Market Stagnation

July 20, 2023

In the world of cryptocurrency, Bitcoin and Ether are seeing relatively flat trading. Bitcoin rose 0.44% to $29,919.68, but lost its support at the $30,000 line. This is attributed to a waning enthusiasm for Bitcoin following recent gains sparked by exchange-traded fund (ETF) applications and shift in sentiment toward Ripple following its recent favorable court ruling in its case with the Securities and Exchange Commission. Ether fell, reflecting the plateau of excitement over Bitcoin ETFs and the Ripple case. Experts suggest the market is waiting to see the impact of the ETFs before further movements.

Ripple's XRP, however, has been making waves. In just one week, XRP's value surged by 77.9%. This is one of its most impressive performances since August 2021 and is raising eyebrows in the Bitcoin community, as Bitcoin has not seen a similar rise. XRP's increase can be attributed to it crossing the Ichimoku Cloud on the weekly chart, a significant bullish sign. However, it's important to note that a US court ruled that institutional sales of the tokens violated federal securities laws, meaning the victory for XRP was only partial.

The non-fungible token (NFT) market is experiencing a decrease in sales volume across all blockchains, and newer entries like Garbage Bags are rising to the top of the collection rankings due to the slow trading. Despite this, NFTs continue to make an impact in the art world, with new collections being minted and discussions on the future of museums and galleries incorporating NFTs and other digital assets taking place at industry events.

In terms of broader financial news, the Dow Jones and S&P 500 gained during Wednesday's regular trading session while Nasdaq dipped. Tesla shares dropped despite reporting record-high quarterly revenue in Wednesday’s Q2 earnings call, while Netflix shares plunged following lower-than-expected revenue reports. Goldman Sachs also reported a drop in profits, but the firm's CEO, David Solomon, anticipates an imminent recovery in the investment banking sector. Finally, the US Federal Reserve is predicted to announce a further 25 basis points raise at its next Federal Open Market Committee meeting on July 26, bringing the interest rate to the 5.25%-5.50% range.

Sources:

Yahoo News

Evan Kirsch is the Co-Founder of Avanti3 (Web3 Consultancy) & President of Frozen Puck Labs (Web3 Gaming Studio), both which serve as innovative Web3 companies specializing in forward-thinking blockchain and decentralized finance strategies for influencers, celebrities and hyper-growth focused organizations. For 15 years, Evan has navigated clients from coast-to-coast in their pursuit to innovate where they differentiate to ensure they are constantly producing at the forefront of their industries.

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