Recently, Trump met with Putin under the shadow of B2 bombers, marking the beginning of a significant meeting.
The ongoing Alaska summit holds substantial importance for cryptocurrency enthusiasts, especially if Trump makes sharp statements like those concerning Iran. Many predict short-term declines due to underlying fears. For instance, Martinez’s latest XRP Coin price prediction reflects such concerns.
XRP Coin
The effective tariff rate has risen to 16% and expectations point towards further increases. Following the release of the Producer Price Index (PPI) data indicating the early impact of tariffs on inflation, sales in cryptocurrencies accelerated. Due to unexpectedly high figures, many crypto investors found themselves at a disadvantage, leading analysts to share their bearish forecasts.
Martinez is among these analysts, anticipating a base test while consolidation within a triangle continues. Should the price exceed $3.26, Martinez believes a test of $3.9 could follow. There is no certainty that these predictions will come true, especially considering Martinez’s favorable disposition towards XRP Coin. Nonetheless, the technical setup suggests this outcome is theoretically possible.
Cryptocurrency Predictions
As of early August, China is bearing a 41.4% tariff rate with double-digit tariffs imposed on various countries. While this will clearly affect commodity prices, Trump believes tariffs are instrumental in curbing the budget deficit. Despite Trump’s dismissal of recent economic data, markets are taking them seriously. Resolving uncertainties around tariffs and negotiations would benefit cryptocurrencies, but if inflation strongly impacts the economy, cryptocurrencies could face tough times.
The overall risk appetite is weak, fed by short-term concerns about secondary sanctions on Russia. Though technical analysis holds little significance under such abnormal conditions, Poppe noted that BTC was rejected at a significant level. He predicts testing lower levels and a range-bound movement before any breakout occurs. He questions if the correction is over, suggesting altcoins might perform well.
The primary cause for resistance failure is news flow, under which Poppe expects lower lows. With ETH dropping below $4,400, rapid losses in the ETHBTC pair could lead altcoin losses to surpass those of BTC.
Speaking of Ethereum
$4,394, DaanCrypto provides more detailed insights at this point.
“ETH has formed a large liquidity cluster around $4,400, marking the most significant level accompanied by major liquidations over the past 48 hours. Overall, this area presents a plausible rebound spot, but as the weekend nears, volatility might persist.
The $4,150 level below still holds a substantial cluster necessary to maintain the bullish market structure and breach cycle peaks in the short term. Daily closures below this level are undesirable for me.
However, this appears to be just another swift correction and a cleanup of high leverage. Such actions are necessary during large, sharp rallies.”
Maintaining $4,150 as support is crucial, and short-term major altcoin sales are anticipated if closures occur below this level.
