Overview
Last week, the Consumer Price Index (CPI) report showed a drop in year-on-year inflation to 3%, the slowest since March 2021. Core inflation has also slowed to its lowest since October 2021. U.S. consumer prices rose by 0.2% in June, with core inflation exceeding the estimated 5%. Overall, inflation in the U.S. is now 3%, lower than June 2022's 9.1%.
On Thursday (13/07), a federal judge concluded that Ripple Labs Inc did not violate federal securities law by selling its XRP token on public markets. A partial success for Ripple in its legal battle with the Securities and Exchange Commission (SEC) in a court verdict accomplished what promising inflation statistics couldn't the day before. This revelation considerably increases the value of Bitcoin (BTC) and other key digital assets.
XRP soared 96% to 93.6 cents at one point, its highest level since March 2022. It was last trading at 74 cents, representing a 73% increase.
Bitcoin Price Analysis
Bitcoin (BTC) continues to consolidate within the $30,000 - $32,000 range. Despite various attempts, the market is facing difficulties in pushing the price above the resistance level at $32,000. Breaking out above this resistance holds immense importance as it signifies a significant milestone for bullish development.
Investors and traders are closely monitoring this critical level, as a successful breach could potentially trigger a surge in buying pressure and lead to a sustained upward trend. The current consolidation phase suggests a period of indecision and caution, with market participants eagerly awaiting a decisive move that could potentially shape the future direction of BTC's price.
Ethereum Price Analysis
Ethereum (ETH) is currently experiencing a slightly bullish movement. The price of ETH has shown some positive momentum, indicating a potential upward trend. Additionally, the market capitalization of altcoins is on the rise when compared to Bitcoin (BTC). However, the fate of ETH's breakout largely depends on BTC's confirmation.
ETH is eagerly awaiting confirmation from BTC, as Bitcoin's price movement often influences the broader cryptocurrency market. Traders and investors are closely observing the relationship between BTC and ETH, as a breakout confirmation from BTC could potentially lead to a significant price surge for ETH.
Disclaimer
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.
