Bitcoin eyes $30K, XRP price jumps 6% after Ripple’s legal victory
Bitcoin's price has been steadily increasing, defying the Federal Reserve's hawkish stance. A "hawkish" Fed typically implies that the central bank is taking a more aggressive approach toward monetary policy, often involving higher interest rates to combat inflation. Despite this monetary policy tightening, Bitcoin's price has continued to rise. However, concerns are emerging regarding a potential retracement. A "retracement" refers to a temporary reversal or decline in an asset's price after a significant upward movement. Traders and investors may be worried that the impressive gains in Bitcoin's price could be followed by a pullback. It's important to note that the cryptocurrency market, including Bitcoin, is known for its price volatility. Market sentiment, macroeconomic factors, and geopolitical events can all influence the direction of Bitcoin's price. Traders should carefully consider these factors and manage their risk when participating in the cryptocurrency market, especially when dealing with potential retracement scenarios.
David Becker 
On October 20, Bitcoin (BTC) surged past $29,500 after a highly eventful 24-hour period that had a positive impact on its price trajectory. Simultaneously, XRP saw its price increase to over $0.50 in response to a significant legal victory for Ripple.
Bitcoin was approaching two-month highs from the start of the week, and its price was on the rise. This price movement seemed to be influenced by events surrounding a speech by Jerome Powell, the chair of the United States Federal Reserve, that took place the previous day.
Amid a U.S. bond market rout, Powell's speech was eagerly anticipated, with some analysts predicting a "very dovish" tone. However, Powell's speech turned out to be highly conservative, emphasizing the restrictive nature of Fed policy and acknowledging the potential issues associated with hiking interest rates.
Powell noted that the stance of the Fed's policy was restrictive and that it was putting downward pressure on economic activity and inflation. He also expressed concerns about the pace of tightening, mentioning the possibility of further tightening in the future. Powell emphasized that the Fed was proceeding carefully due to the uncertainties and risks involved in policy decisions.
In response to Powell's speech, market expectations regarding future rate decisions shifted. The Federal Open Market Committee (FOMC) is now unanimously expected to keep rates at their current levels at its next meeting on November 1, according to data from CME Group's FedWatch Tool. Before Powell's speech, the odds of a rate hike stood at 88%.
Additionally, XRP's price received a boost when news broke that U.S. regulators had dropped criminal charges against executives of Ripple. XRP's price surged over 6% within 24 hours of this news.
Amid growing anticipation of the approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), Bitcoin gained momentum and was approaching $29,689 at the time of writing. Traders were closely watching Bitcoin's price movements, with some expecting possible retracements during the U.S. trading session.
The cryptocurrency market is influenced by various factors, including central bank policies, regulatory developments, and market sentiment. Traders and investors should stay informed and exercise caution when participating in these markets.
