{"id":13720,"date":"2023-10-20T12:07:18","date_gmt":"2023-10-20T12:07:18","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=13720"},"modified":"2023-10-20T12:07:20","modified_gmt":"2023-10-20T12:07:20","slug":"bitcoin-eyes-30k-xrp-price-jumps-6-after-ripples-legal-victory","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13720","title":{"rendered":"Bitcoin eyes $30K, XRP price jumps 6% after Ripple\u2019s legal victory"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) passed $29,500 on Oct. 20 after an eventful 24 hours boosted BTC price trajectory, while XRP\u2019s (XRP)\u00a0price jumped above $0.50 in response to Ripple\u2019s big legal win.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Hawkish Fed\u2019s Powell fails to dent BTC price<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it edged closer to two-month highs from the start of the week.<\/p>\n<p>The largest cryptocurrency appeared to feed off events surrounding a speech from Jerome Powell, chair of the United States Federal Reserve, the day prior.<\/p>\n<p>Amid a U.S. bond rout, Powell was under pressure to deliver appropriate wording, and analysis even predicted a \u201cvery dovish\u201d tone would dominate. In the event, the speech, which was briefly interrupted by protesters, saw Powell as highly conservative on the outlook.<\/p>\n<p>\u201cThe stance of policy is restrictive, meaning that tight policy is putting downward pressure on economic activity and inflation,\u201d he said about interest rate hikes.<\/p>\n<p>\u201cGiven the fast pace of the tightening, there may still be meaningful tightening in the pipeline.\u201d<\/p>\n<p>Powell said that the Fed acknowledged the potential problems of hiking rates too far.<\/p>\n<p>\u201cDoing too little could allow above-target inflation to become entrenched and ultimately require monetary policy to wring more persistent inflation from the economy at a high cost to employment. Doing too much could also do unnecessary harm to the economy,\u201d he continued.<\/p>\n<p>\u201cGiven the uncertainties and risks, and how far we have come, the Committee is proceeding carefully.\u201d<\/p>\n<p>Data from CME Group\u2019s FedWatch Tool showed changing tides among market expectations when it comes to future rate decisions.<\/p>\n<p>At its next meeting on Nov. 1, the Federal Open Market Committee (FOMC) is now unanimously thought to hold rates at their current levels, per data from CME Group\u2019s FedWatch Tool. Before Powell, the odds stood at 88%.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<p>Following the speech, news broke that U.S. regulators had dropped criminal charges against executives of blockchain firm Ripple.<\/p>\n<p>XRP\u2019s price responded immediately, trading up over 6% in 24 hours at the time of writing.<\/p>\n<p><em>XRP\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>Trader suggests Bitcoin \u201cimpulse\u201d is here<\/h2>\n<p>Amid a backdrop of increasing anticipation\u00a0over the approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), Bitcoin gained momentum overnight.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin metrics \u2018improve bullish odds\u2019 as BTC price holds 200-week trendline<\/em><\/strong><\/p>\n<p>At the time of writing, the day\u2019s highs stood at $29,689 \u2014 just $200 from the top of a snap volatility wick seen on Oct. 17.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC has launched.<\/p>\n<p>Keeping it as simple as it can get:<\/p>\n<p>The same way 26.8k was the origin of our last impulse, 28.6k is now the origin of the current one. Above that, we are going A LOT higher, FAST. <\/p>\n<p>Drop below 28.6k and the local uptrend will be violated and we may get a bit\u2026 https:\/\/t.co\/odakQpZbTL pic.twitter.com\/CbhLBo133G<\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) October 20, 2023<\/p>\n<p>\u201cBitcoin filling the wick, slowly but surely. Let\u2019s go for that $30k tap,\u201d popular trader Jelle wrote in part of an X analysis on the day, having previously argued that Bitcoin looked \u201ceager to fill\u201d the Oct. 17 wick.<\/p>\n<p>\u201cToday it\u2019s going a very interesting day for trading&#8230; They have hit exactly $29400 where there were many liquidations,\u201d fellow trader CrypNuevo continued.<\/p>\n<p>In various X posts, CrypNuevo uploaded liquidation data from the past days, warning that long positions outnumbered shorts four to one. Bitcoin, he suggested, could retrace during the U.S. trading session.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC<\/p>\n<p>Liquidation levels and liquidation heatmaps.<\/p>\n<p>Quick thoughts:<br \/>&#8211; All our liquidation levels to the upside from yesterday have been hit.<br \/>&#8211; Delta long liquidations at $15B (mid-high amount and enough to consider a retrace is coming soon).<br \/>&#8211; Current long-short open positions\u2026 pic.twitter.com\/dAqbRbaimc<\/p>\n<p>\u2014 CrypNuevo  (@CrypNuevo) October 20, 2023<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-30k-xrp-price-ripple-legal-victory\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) passed $29,500 on Oct. 20 after an eventful 24 hours boosted BTC price trajectory, while XRP\u2019s (XRP)\u00a0price jumped above $0.50 in response to Ripple\u2019s big legal win. BTC\/USD 1-hour chart. Source: TradingView Hawkish Fed\u2019s Powell fails to dent BTC price Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it edged closer [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13720"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13720\/revisions"}],"predecessor-version":[{"id":13722,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13720\/revisions\/13722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13721"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}