Ravencoin (RVN) Beats the Market with a 20% Price Surge: Crypto Market Review, September 9
One of the potential heirs to Ethereum’s gigantic hashrate rallies as the market sees long-awaited relief
- Main reason for recovery
- Raven and XRP get away
The cryptocurrency market ended the week on a high note as the industry’s total market capitalization once again surpassed $1 trillion, despite falling below the psychological threshold previously.
Main reason for recovery
Over the past few weeks, we have seen how problematic the whole situation in the cryptocurrency market is due to the lack of inflow. The bearish market backdrop, the lack of positive events in the space, and the one and only growth factor in the market reflected in the Ethereum Merge Update are not enough to drive up the prices of non-Ether digital assets .
But despite all the negativity, the market felt some relief after the Fed’s Powell speech reassured most market participants of the course regulators are taking to control high inflation and problems in the US economy.
The predictability of monetary policy can sometimes be more important to the market than the macroeconomic environment in which it operates. The ECB’s 75 basis point rate hike was also expected, making the event less stressful for the market as it had been priced in earlier.
Previously, the cryptocurrency market saw one of the biggest spikes in open interest in trading history, suggesting that speculators are returning to the market and expecting a spike in volatility in trading. days or weeks to come. This is not a surprise given the series of important market-related events that will occur next week.
CPI inflation data will be released on September 13, possibly shifting the strategy of financial regulators in the United States towards easing or restricting if necessary. The FOMC meeting is scheduled for September 20, when the Fed will raise its key rate. Fortunately, the market has already priced in rate hikes through the end of the year, so the spike in volatility shouldn’t be too extreme if all goes as the market expects.
The Ethereum merger will also take place around September 13 or 14 and should in no way shake the market if no technical issues arise during the transition.
Raven and XRP get away
With the recovery of the cryptocurrency market, alternative cryptocurrencies are also showing a lot of strength by gaining up to 20% in their values in the last 24 hours. The biggest gainer in the market today was Ravencoin, which was seen as a top candidate for Ethereum’s hashrate transition once PoW is disabled.
XRP has also proven to be a good candidate for a reversal, as the coin has gained more than 10% of its value in the last three days, making a big comeback into the bullish price range from which it can start. bounce further, reaching the next resistance level reflected in the 200-day moving average.
For now, the cryptocurrency will need to gain a foothold above the 50-day moving average and consolidate until the market faces another wave of inflow, which will be fueled by either an Ethereum merger successful, or surprisingly low inflation figures.
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