Bitcoin once again reached $77,500 on Thursday, approaching the $78,000 mark, after falling to $76,200 the previous day. The price rebound alleviated market concerns about a short-term weakening trend and also helped to restore the overall sentiment for crypto assets.
XRP has performed relatively steadily this month, currently hovering around $1.37. The article mentions that XRP has recently remained in the range of $1.30 to $1.40, with the support level not yet breached. What the market is concerned about is whether the rebound of Bitcoin can continue to drive risk appetite and push XRP to test $1.60.
The market has shifted its focus to the interest rate decisions in September.
The next variable of greater concern is the Federal Reserve's interest rate decision on September 15th to 16th. The article states that the crypto market often experiences significant fluctuations before and after interest rate meetings, and as the meeting approaches, both Bitcoin and XRP may face greater price swings.
Bitfinex reminded in the latest blog that September has never been the month when Bitcoin performs the strongest, and traders need to be aware of possible pullbacks in the middle of the month. The platform cited historical data stating that since 2013, Bitcoin's average return rate in September has been -2.95%.
Bitfinex Indicates a callback in the middle of the month or now.
However, Bitfinex has not completely turned pessimistic. Their view is that even if there are adjustments within the month, as long as the larger-scale trend is not disrupted, the upward momentum may continue in the future. In other words, increased short-term fluctuations do not necessarily mean that this round of upward movement has come to an end.
The article also mentioned that the recent rise in major crypto assets is related to U.S. President Trump's statement last month about considering purchasing “a large amount” of Bitcoin. Such news prompted an increase in the value of various crypto assets, including XRP, and became one of the important catalysts for the recent market rebound.
XRP Still focusing on the performance within the range for short-term trades
From the current perspective, whether Bitcoin can hold above $77,500 will continue to affect market risk appetite. If sentiment weakens before the interest rate meeting, XRP is likely to continue to fluctuate within the existing range; if Bitcoin continues to strengthen, whether XRP will approach $1.60 will become the focus of market attention next.
