Ripple (XRP) Gears Up for Big Price Move, Bitcoin (BTC) Stopped at $79K: Weekend Watch
TL;DR
Bitcoin's recent price surge to $79,500 was halted, dropping back to around $78,000. Meanwhile, larger-cap altcoins, including TRX, have shown minimal movement.
Key points
- Bitcoin surged to $79,500 before dropping back to $78,000
- Market volatility increased around the FOMC meeting
- TRX experienced a notable price increase
Bitcoin’s breakout attempt that took place over the past 12 hours was halted in its tracks, and the asset returned to its starting point at around $78,000.
Meanwhile, most larger-cap alts have remained at essentially the same spot as yesterday, aside from TRX, which has posted a notable increase.
BTC Halted at $79K
After trading sideways last weekend, the primary cryptocurrency went on a run on Monday morning, surging to $79,500 for the second time in the past 10 days or so. However, the scenario repeated once again as the bears stepped up and immediately rejected its attempt. By Monday evening, BTC had dipped below $77,000 and to under $76,000 a day later.
More volatility transpired before and after the third FOMC meeting for the year on Wednesday, even though the Fed didn’t change the rates, as expected. BTC first pumped toward $78,000 before it dipped to just under $75,000.
The cryptocurrency rebounded on Thursday and Friday, especially after Iran sent a new peace proposal to the US. BTC tapped $78,000 and remained there on Saturday before it jumped to just over $79,000 on Sunday morning when Washington received yet another proposal.
However, Trump remains pessimistic, and BTC was quickly stopped. It went back to $78,000, where it found support and now sits well above that level. Its market cap remains sideways at $1.570 trillion, while its dominance over the alts is up to 58.5%.
BTCUSD May 3. Source: TradingView
XRP Prepares for a Move
Most larger-cap alts have turned green today, but with very modest gains. Ethereum has maintained the $2,300 level, while XRP remains close to $1,40. Although the token has stayed sluggish on a weekly or even monthly basis on a broader scale, analysts are convinced that it’s preparing for a major move with targets of $1.82 or $1.00, depending on the bigger trend direction.
BNB is close to $620, DOGE is near $0.11, while TRX has surged by 3% to $0.34. ZEC and TAO are the other notable gainers from this cohort of assets, while HYPE and BCH have lost the most value. ALGO has soared the most daily, gaining 11%.
The total crypto market cap remains quiet at just under $2.7 trillion on CG.
Cryptocurrency Market Overview May 3. Source: QuantifyCrypto
Q&A
Why did Bitcoin's price drop after reaching $79,500?
Bitcoin's price drop was due to bearish market pressure that rejected its breakout attempt, causing it to fall back to around $78,000.
What is the current price trend for Ripple (XRP)?
The excerpt does not provide specific details about Ripple's price trend, but it indicates that XRP is gearing up for a significant price move.
How did TRX perform compared to other larger-cap altcoins?
TRX posted a notable increase while most larger-cap altcoins remained at essentially the same price level as the previous day.
