- Cryptocurrency prices jumped sharply after the XRP vs SEC lawsuit.
- The SEC ruled that the XRP coin was not a financial security.
- The US published encouraging consumer price index (CPI).
Cryptocurrency prices have had a strong performance this week as investors cheered the outcome of the SEC in the Ripple case. Analysts believe that the outcome of this case will have a major impact for the crypto industry. For one, it will remove one of the biggest risks in the market. In a note, the CEO of Router Protocol said:
“The XRP v SEC outcome is monumental for the industry. The decision has brought clarity and reassurance to the community, demonstrating that regulators are taking a more nuanced approach to evaluating cryptocurrencies. It signals a step forward in the recognition and understanding of digital assets and their potential benefits.”
Cryptocurrencies also soared after the weak consumer price index (CPI) data, which dragged the US dollar index (DXY) below $100. The dollar dropped sharply as investors expect that the Fed has just one more rate hike to implement. In this article, I will look at some of the top cryptocurrencies to watch during the weekend.
Stellar (XLM) price prediction
Stellar price went vertical after the XRP vs SEC case because of how similar the two companies are. They were both created to simplify the payment industry by making it easy for people and companies to process funds. At its peak, XLM price jumped to a high of $0.1960, the highest level in months.
The four-hour chart shows that the coin has then retreated as investors start taking profits. This situation is known as buying the rumour and then selling the news. The coin has formed a three black crows pattern, which is usually a bearish sign.
Further, the Relative Strength Index (RSI) has moved from the extremely overbought level to about 60. Therefore, I suspect that the ongoing shake-off will continue as sellers target the next key support level at $0.1182. It will then bounce back to potentially form a double-top pattern.
Injective price forecast
Injective is a blockchain protocol that focuses on the financial services industry. INJ, its token, is one of the best-performing coins in the world this year. It has jumped by more than 500% this year and by 78% from the lowest point in June.
On the 4H chart, Injective price managed to move above the important resistance level at $9.01, the highest level on July 3rd. By moving above that level, the token invalidated the double-top pattern whose neckline was at $8.
Injective is also above all moving averages while the Relative Strength Index (RSI) moved to the overbought level. Therefore, the token will likely pull back as sellers aim for the support at $9.03.
EOS price prediction
EOS also made a strong bullish comeback. It rose to a high of $0.8321, which was higher than this month’s low of $0.6027. This was an important price since it was the lowest level on May 24th.
As it rose, the coin moved above the important psychological level of $0.80, the highest point on July 1st. It has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the overbought level. Therefore, the outlook for the coin is bullish as buyers target the key resistance level at $0.9637, March 23rd low.
Read more: How to buy EOS.
