The crypto market is facing turbulence as the FOMC concludes 2024 with the third interest rate cut in four months. XRP and ETH are vying for dominance, but will they withstand the uncertainty?
XRP and ETH are neck and neck in a race to pull capital away from Bitcoin as market sentiment grows risk-averse. Once again, the crypto market’s resilience is being tested as the FOMC wraps up 2024 with a “speculative” twist. The third and final interest rate cut of the year—also the third in just four months—sparked a sharp sell-off.Investors didn’t take the news well.
As the market dipped, some altcoins took double-digit hits, but the top coins stood firm, suggesting a strong rebound is likely. It’s clear that XRP hasn’t stayed immune to the market turmoil. In fact, the $3 mark is slipping further out of reach, with XRP currently priced at $2.30. But all is not lost. December began on a strong note for XRP, with the coin posting four consecutive green candles, each marking nearly a 15% gain and closing near $2.80 – a level it hasn’t reached in three years. So, distributing XRP tokens seemed like a smart move. On the other hand, Ethereum’s daily chart is showcasing even more volatility, with sharp drops quickly followed by impressive rebounds. From mid-November to mid-December, each “dip” seemed strategically timed, followed by a strong recovery. This suggests that any increase in ETH supply was quickly met with aggressive buying. The competition is tight. But the winner will be the one that can stay strong amidst uncertainty, supported by solid fundamentals. So, which one will break first – $3 for XRP or $4K for Ethereum? Or will Bitcoin steal the spotlight, instead?The past 24 hours have rocked the crypto market, with a mix of factors coming together to trigger a volatile chain reaction. Notably, it’s the small, retail investors who have taken the hardest hit. In this climate, it’s clear that the FOMO may not return in the coming days. Instead, investors are rushing to adjust their portfolios, hoping to break even on their losses. The burden, it seems, is now on the big players with deep pocket
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