Ripple (XRP) bulls are attempting a recovery above $1.36 at the time of writing on Thursday, underpinning a strong moving average support cluster. Despite the modest recovery, broader market sentiment remains shaky as investors adopt a cautious stance amid renewed tensions between the United States (US) and Iran.
The two nations re-escalated tensions last weekend, with strikes continuing early this week. Risk aversion is already evident, considering outflows from spot Exchange-Traded Funds (ETFs) on Wednesday.
Bitcoin (BTC) steadies around $77,700 on Thursday, trading sideways after its sharp rally during the second half of August. Institutional demand supports this range-bound price action, with spot Exchange Traded Funds (ETFs) recording mixed flows so far this week. Market participants remain cautious ahead of key economic data on Friday, which could provide fresh clues on the Federal Reserve’s (Fed) policy path and determine the Crypto King’s next directional move.
The cryptocurrency market broadly and subtly recovers on Thursday, led by Bitcoin’s (BTC) rise near $78,000. This follows persistent declines from the August peak near $81,500. Altcoins, including Ethereum (ETH) and Ripple (XRP), mirror BTC’s neutral-to-bullish outlook, trending higher above $2,400 and $1.37, respectively.
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