XRP News Today: Cryptocurrency Markets Brace for Volatility as US Markets Close

Cryptocurrency markets are navigating a period of relative solitude as US markets take a holiday break until Monday. This break is expected to result in decreased trading volumes, with the impact of the holiday becoming increasingly noticeable earlier this week. The intensity of news flow could lead to fluctuations similar to those observed in recent hours.

Volatility is anticipated to continue, favored by short-term investors. News expected over the weekend regarding EU meetings holds the potential to trigger significant market movements. Trade agreement discussions have begun, strong US employment data is balancing recession concerns, and the expectation for a rate cut in July has notably decreased. Although a rate cut in September is still anticipated, it remains contingent upon upcoming news about trade tariffs.

In this context, developments appear more favorable for cryptocurrencies, suggesting a reduction in uncertainty and an increase in market engagement. The passing of a tax law in the House of Representatives has fueled optimism about the potential passing of a cryptocurrency law, increasing positivity for the upcoming month of August.

AVAX’s price has surged above $18.5. The potential for positive outcomes from the EU agreement could see the price challenge the $23.8 mark. During a potential holiday rally among altcoins, price closures above $19.45 might increase investor appetite. In a downturn scenario, tests at $17 and $15.6 levels are possible.

ETH has been wedged between $2,480 and $2,700, preparing for a breakout at $2,750. Over a span of nearly 1,100 days, the altcoin leader has faced losses against BTC, which has enabled easy profits for short-sellers by trading within narrow margins. The anticipated scenario in crypto is for the accumulated short liquidity to be liquidated if levels exceed $2,870 and $3,055. The peak, anticipated over the weekend, will rely on the response to the $2,673 resistance. A decline below $2,400 is a critical concern.

Trading BNB around $660 and buying around $600 has long been considered a straightforward profit strategy. Indeed, after testing local bottoms, BNB is once again targeting resistance regions. During the holiday period, targets of $693 and subsequently $730 may come into play. The market reaction to closures above $670 will be decisive.

Turning to XRP Coin, current news is favorable: the appeal has been withdrawn, and Ripple has applied for a banking license. RLUSD is growing, and new agreements are expanding the XRPL ecosystem. These developments collectively favor XRP Coin, setting it up for closures above $2.33. The target is $2.6, and sustaining this level could enable quick recapture of the $2.87 to $2.98 range. Potential declines could target $2.2 and $2.07, extending to $1.98.