🌕 Gate Square · Creator Incentive Program Day 8 Topic– #XRP ETF Goes Live# !
Share trending topic posts, and split $5,000 in prizes! 🎁
👉 Check details & join: https://www.gate.com/campaigns/1953
💝 New users: Post for the first time and complete the interaction tasks to share $600 newcomer pool!
🔥 Day 8 Hot Topic: XRP ETF Goes Live
REX-Osprey XRP ETF (XRPR) to Launch This Week! XRPR will be the first spot ETF tracking the performance of the world’s third-largest cryptocurrency, XRP, launched by REX-Osprey (also the team behind SSK). According to Bloomberg Senior ETF Analyst Eric Balchunas,
The current market focus is concentrated on the potential impact of interest rate cuts on Crypto Assets prices. However, I believe that pure news is merely a catalyst for market Fluctuation, not a decisive factor. What's more important is to follow the technical trends of Bitcoin, especially the performance of the weekly charts.
If Bitcoin can maintain a bullish trend this week, causing the weekly chart to show an upward turning trend, it is likely to trigger a large-scale market movement. Conversely, if the weekly chart fails to break through, the market may continue to face downward pressure.
It is worth noting that the trend of Bitcoin leads the entire Crypto Assets market. Today, Bitcoin has exhibited a certain "vampiric" characteristic, attracting a large influx of funds. This phenomenon is not uncommon, and often after a strong rise in Bitcoin, it will drive other alternative coins (commonly known as "shitcoins") to experience explosive growth.
Therefore, we need to patiently wait for the closing of this week to observe the final performance of the Bitcoin weekly chart. This will provide important references for us to judge the short-term market direction. At the same time, investors should also closely follow other crypto assets outside of Bitcoin to prepare for potential rotation market.
Overall, the market is at a critical juncture. Technical changes may trigger a series of market reactions, affecting the entire Crypto Assets ecosystem. Staying vigilant and implementing thorough risk management will be a wise move to cope with the current market environment.