Bitcoin, Ethereum And XRP Prices Prediction – Why Powell May Have Just Done Crypto a Big Favor

On January 12, Bitcoin (BTC), the world’s largest cryptocurrency, is staying bullish as it’s breaking above the $17,500 level. While Ethereum‘s (ETH) price is consolidating in a narrow range of $1,320 to $1,345 levels. whereas Ripple is on a bullish run, having surged over 5% to $0.3700.

The initial market panic that followed Sam Bankman-FTX Fried’s exchange’s collapse in early November appears to be subsiding. For the first time since FTX went bankrupt, the Chicago Mercantile Exchange (CME) Bitcoin posted for the next three months is fetching a premium above the prevailing spot market price. 

The return on the premium suggests that institutional trading is shifting away from the short side. Midway through November, skilled traders put bearish bets to protect against a deeper FTX-induced collapse in the leading cryptocurrency, sending CME futures into a record discount. 

In spite of this, Bitcoin has proven more stable than many anticipated over the past two months, with its decline being stopped at roughly $16,000.

Powell Says Fed May Need Unpopular Decisions to Stabilize Prices

While addressing stubbornly high inflation, Federal Reserve Chairman Jerome Powell emphasized the importance of the central bank being independent of political influence. Powell told the Riksbank in Sweden that bold, politically risky measures are necessary to stabilize prices.

“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require measures that are not popular in the short term as we raise interest rates to slow the economy.”

Powell made these comments at a forum where the topic of discussion was the autonomy of central banks; a Q&A session was scheduled to follow Powell’s remarks. 

There were no clear hints regarding the direction of policy from the Fed in the address, despite the fact that the central bank has already raised interest rates seven times in 2022 for a total of 4.25 percentage points and suggested that more rises are likely to come this year.

XRP Price; Whales Seen Hauling $200 Million XRP

With crypto whales trading over 200 million XRP tokens in the last day, the price of XRP has risen by about 5%. It is important to note that the crypto whale made many transactions totaling over 77 million XRP tokens. 

Almost $27 million worth of Ripple’s native coin had been sold on the Bitso cryptocurrency exchange. Nevertheless, the 44 million XRP increase was the largest accumulation transaction.

Several “whales” have recently transferred large amounts of XRP from their personal wallets to cryptocurrency exchanges due to the sharp increase in the value of Ripple. Data shows that cryptocurrency “whales” moved $28 million worth of XRP tokens (80 million tokens) to the exchange Bitstamp.

Bitcoin Price 

Bitcoin is currently selling at $17,500, with a 24-hour trading volume of $14 billion. Bitcoin has had a modest downturn after failing to break above the $17,500 barrier level. It is currently gaining traction as it reaches the $17,200 mark. 

If the $17,500 barrier is successfully broken, Bitcoin’s price may rise to the next resistance level of $17,800. Bitcoin formed a doji candle in the 4-hour time frame, showing investor hesitation. Perhaps they are looking for a strong excuse to make the next market move.

On the downside, the $17,200 level is expected to act as an immediate support, with a negative breakout extending the decline to the next support level of $16,800 or $16,650.

Ethereum Price 

The current price of Ethereum is $1,330, with a $5.6 billion 24-hour trading volume. On the 4-hour chart, the ETH/USD pair is encountering considerable resistance around the $1,344 level, which is stretched by a double top formation. 

If the $1,345 level is broken, the ETH price may travel to the $1,370 resistance zone. The closing of doji and spinning top candles above the 1,315 trading level suggests that a major gain is possible.

On the downside, the ETH price may find support around $1,315, and a bearish break of that level may allow for additional selling to $1,275. Today’s bullish tendency is dominant, so search for purchasing chances. 

Alternative Coins with Massive Growth Potential

Given the recent decline in the cryptocurrency market, a few alternative currencies are generating news.

FightOut (FGHT)

The FightOut (FGHT) platform works similarly to a personal trainer, with the exception that workout time is paid in advance using the FGHT token. All activities are tracked and can be used to improve one’s metaverse avatar’s metrics. 

The FGHT presale is going well, with almost $2.80 million raised thus far. The current selling price of 60.06 FGHT for $1 (FGHT can be purchased using ETH or USDT) is expected to rise as the sale progresses.

Visit FightOut Now

Meta Masters Guild (MEMAG)

Meta Masters Guild is a mobile-centric gaming guild that is launching its presale today. The guild plans to produce a variety of Web3 and play-to-earn games. Games built on the MEMAG platform will run on Ethereum and contain playable NFTs, with rewards that can be cashed in for the platform’s native token, MEMAG, which can then be staked and traded.

There will be seven phases to the sale, the first of which is already underway and offers 1 MEMAG for $0.007. Eventually, the price will reach $0.023, representing a 228.5% gain for early investors before MEMAG ever goes public.

Rapid expansion is anticipated for Meta Masters Guild as the platform readies the release of its debut game, Meta Kart Racers, in the second quarter of this year. Its native token may be one of the biggest winners if the market and economy as a whole start to improve.

Visit Meta Masters Guild Now

Meta Masters Guild is a mobile-centric gaming guild that is launching its presale today. The guild plans to produce a variety of Web3 and play-to-earn games. Games built on the MEMAG platform will run on Ethereum and contain playable NFTs, with rewards that can be cashed in for the platform’s native token, MEMAG, which can then be staked and traded. 

There will be seven phases to the sale, the first of which is already underway and offers 1 MEMAG for $0.007. Eventually, the price will reach $0.023, representing a 228.5% gain for early investors before MEMAG ever goes public. 

Rapid expansion is anticipated for Meta Masters Guild as the platform readies for the release of its debut game, Meta Kart Racers, in the second quarter of this year. Its native token may be one of the biggest winners if the market and economy as a whole start to improve.

C+Charge (CCHG) 

C+Charge is working on a blockchain-based EV payments software that will, for the very first time, give carbon credits to EV drivers every time they charge. C+Charge envisions this as a method to level the playing field in the carbon credit market, which has traditionally been dominated by a few large corporations. 

According to prognosticators, the project has potential since it will benefit from the anticipated significant development in the carbon credit market. Coherent Market Insights estimates the market to be worth over $2.4 trillion by 2027, up from its 2019 value of approximately $211.5 billion. 

For C+Charge, the potential to earn carbon credits is a further incentive to speed up the already rapid shift toward EVs. The voluntary credit market (VCM) is expected to expand to $100 billion by 2030, and analysts believe that startups like C+Charge will play a significant role in this expansion. So far, the presale has so far raised $244,700.

Visit C+Charge Now

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