bullish

Bitcoin

Impact

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/nvidia-earnings-impact-crypto-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Nvidia Earnings Impact Crypto Market</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/artificial-intelligence-foresees-uptrend-for-xrp-amidst-market-volatility" data-wpel-link="internal" rel="noopener noreferrer nofollow">XRP</a> has experienced a notable drop of approximately 3% over the past 24 hours, landing at around $0.56 as of August 28. This decline mirrors downward trends in the broader cryptocurrency market, which is closely watching the highly anticipated earnings report from Nvidia, a $3.2 trillion chip giant, due after the close of the US markets on August 28.</p>
<h2 id="why-are-nvidia-earnings-crucial">Why Are Nvidia Earnings Crucial?</h2>
<p style="text-align: justify">Analysts forecast a 70% revenue jump for Nvidia in the current quarter, driven by a surge in demand for <a href="https://futurearticles.co/openai-gpt-4o-vs-anthropic-claude-3-5-who-will-win-the-duel/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">artificial intelligence</a> solutions. Nvidia’s stock has surged 160% in 2024, contributing to about 30% of the overall gains in the Nasdaq 100, an index that has shown an increasing 30-day average correlation with the wider cryptocurrency market in August.</p>
<p style="text-align: justify">Due to this correlation, the volatile trends seen in the Nasdaq, led by Nvidia’s earnings expectations, are being reflected in cryptocurrencies, including XRP and other major assets like Bitcoin and Ethereum. This linkage has resulted in a broader market sensitivity to Nvidia’s performance.</p>
<h2 id="what-do-current-market-indicators-suggest">What Do Current Market Indicators Suggest?</h2>
<p style="text-align: justify">Data from Coinglass reveals that XRP’s recent losses coincide with sharp drops in open interest (OI) and funding rates in the futures market. As of August 28, XRP Futures OI stood at approximately $616.88 million, down from $679.81 million the previous day. During this period, XRP futures funding rates shifted from 0.0101% to -0.0102%.</p>
<p style="text-align: justify">The declining open interest and negative funding rates indicate a lack of market confidence or a pullback in bullish positions. This may also suggest that some investors are securing profits or minimizing losses amid the price drop. Negative funding rates point to a dominance of short positions, with bearish sentiment prevailing among investors.</p>
<h2 id="investor-takeaways">Investor Takeaways</h2>
<p style="text-align: justify">Key insights for investors include:</p>
<ul>
 <li>Monitor Nvidia’s earnings report as it significantly impacts crypto market movements.</li>
 <li>Observe the correlation between Nasdaq trends and cryptocurrency performance, especially in volatile periods.</li>
 <li>Pay attention to futures market indicators such as open interest and funding rates to gauge market sentiment.</li>
 <li>Consider the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a> of XRP’s price action within its ascending triangle pattern.</li>
</ul>
<h2 id="conclusion">Conclusion</h2>
<p style="text-align: justify">XRP’s current decline forms part of a broader correction within its ascending triangle pattern, having pulled back by about 10% after testing the upper trendline as resistance. As of August 28, XRP is probing the lower trendline as support, aiming to rebound to the upper trendline around $0.63. The daily relative strength index (RSI) supports a potential recovery, showing higher lows within a neutral range of 30-70.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/nvidia-earnings-impact-crypto-market" data-wpel-link="internal" rel="noopener noreferrer nofollow">Nvidia Earnings Impact Crypto Market</a></h5>

Nvidia Earnings Impact Crypto Market

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