The crypto market is showing mixed signals today. The total crypto market cap stands at $2.32 trillion, holding above the $2.29 trillion support level. This stability has prevented further losses for almost two weeks, despite unsuccessful attempts to secure $2.40 trillion as a new support.Â
One factor that affects the current market pause is the upcoming Federal Open Market Committee (FOMC) meeting. While no change in the interest rate, currently set at 5.25% – 5.50%, is expected, the focus is on the comments regarding the September meeting. Speculations suggest that the FOMC might consider lowering interest rates, potentially impacting the crypto market.Â
As long as the total market cap stays above $2.30 trillion, there’s little concern. However, dropping below this level could lead to further losses for investors.Â
Bitcoin Price Mirrors Market TrendsÂ
Bitcoin’s price also reflects the broader market trend. Currently priced at $66,000, BTC is holding above the crucial $65,000 support level after dipping from $70,000 over the weekend. The chances of falling below this level are low, but if it happens, BTC could drop to $63,100, erasing recent gains and making recovery more challenging.Â
If Bitcoin secures $67,000 as a support, it could bounce back and attempt to break through the $70,000 resistance.Â
XRP Rises to a Four-Month HighÂ
Unlike the broader market, Ripple’s XRP has shown a notable gain. The token rose by 6.7% in the last 24 hours, reaching $0.64, a four-month high. This rise has pushed XRP past the 50% Fibonacci Retracement line at $0.62. If XRP secures this level as support, it could move towards the 61.8% Fib line at $0.66.Â
However, losing support at $0.62 could push XRP back below this level, limiting potential profits for investors.Â
