Bank

Cryptocurrency

Boost

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/central-bank-actions-boost-cryptocurrency-market-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Central Bank Actions Boost Cryptocurrency Market Recovery</a><br></p>
<p style="text-align: justify">Following the Federal Reserve’s interest rate cut, the <a href="https://en.coin-turk.com/anthony-scaramucci-predicts-trump-may-withdraw-from-2024-presidential-race/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/breaking-news-fed-chairman-powell-is-making-statements-live-whats-the-latest-in-the-crypto-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> market has shown signs of recovery. China’s announcement of new policies aimed at supporting economic revitalization seeks to strengthen the country’s economy, which is currently battling deflation and a real estate recession.</p>
<h2 id="overall-performance-of-cryptocurrencies">Overall Performance of Cryptocurrencies</h2>
<p style="text-align: justify">In the wake of recent decisions by major central banks, leading cryptocurrencies like Bitcoin and Ethereum have increased in value. Positive reactions have also been observed among the other top ten cryptocurrencies. XRP, in particular, is showing signs of growth rather than stagnation.</p>
<h2 id="positive-expectations-for-xrp">Positive Expectations for XRP</h2>
<p style="text-align: justify">Ryan Lee, the chief analyst at Bitget Research, stated that if Ripple makes positive progress in its case against the <a href="https://en.coin-turk.com/experts-predict-bitcoin-price-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">SEC</a>, XRP could rise by 30%, reaching 0.75 dollars. Technically, XRP has broken its strong trend line and is trading above critical moving averages.</p>
<p style="text-align: justify">In Lee’s comments regarding XRP, he noted, “Most analysts and traders emphasize the likelihood of an upward trend, which may attract more individual investors to the market and drive up XRP’s price.”</p>
<h2 id="possible-risks-and-warnings">Possible Risks and Warnings</h2>
<p style="text-align: justify">Lee cautioned that XRP could drop to 0.45 dollars if Ripple’s legal situation worsens. The SEC has the right to appeal, and such a move could indicate that the legal battle might extend until 2025.</p>
<p style="text-align: justify">Currently, XRP has seen a 5% increase in the last 24 hours, with its price at approximately 0.644 dollars according to CoinGecko data.</p>
<h2 id="investment-strategies">Investment Strategies</h2>
<p style="text-align: justify">Lee pointed out that trading based on extreme predictions can be risky, advising investors to set stop-loss orders and make gradual investments instead of emotional decisions. Recent fluctuations in the cryptocurrency market indicate that investors need to exercise caution. The future of XRP will continue to depend on Ripple’s legal proceedings with the SEC.</p>
<p>The post <a href="https://en.coin-turk.com/central-bank-actions-boost-cryptocurrency-market-recovery/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Central Bank Actions Boost Cryptocurrency Market Recovery</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Central Bank Actions Boost Cryptocurrency Market Recovery

Table of Contents

COINTURK NEWS

Other articles published on Sep 30, 2024

Fake WalletConnect App Steals $70K From Google Play Users

XRP Dynamics: Navigating the $17-$27 Range with Phobos, Hestia, and Herms Lines

Vitalik Buterin Sold, Whales Bought! Whale with 100% Profitability Bought a Large Amount of Ether...

BC.GAME Announces Launch of $BC Mining Rush Event with 1 Billion $BC Token Prize Pool

BlackRock’s Spot Ether ETF Surpasses $1 Billion in Net Asset Value

BC.GAME Announces Launch of $BC Mining Rush Event with 1 Billion $BC Token Prize Pool (30 Sep)

Join our free newsletter for daily crypto updates!