XRP Jumps 17%, Outperforms Rest of the Market as Rally Cools; Trader Thinks $120K Bitcoin Target Still in Play
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Bitcoin fell to $88,000 from a peak of $93,000 leading to $120 million in liquidations.
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The market is now pricing in a 66% chance of a 25 basis point cut in the December FOMC meeting, down from Thursday’s 83%.
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XRP zoomed 17% in the past 24 hours to beat gains in bitcoin DOGE Price Index and Live Chart – CoinDesk”>(DOGE) and shiba inu (SHIB) lost as much as 5%.
The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, was little changed.
New top-20 token pepe (PEPE) corrected 8% after a 75% surge on Thursday following a Coinbase listing that briefly put the frog-themed meme at a $10 billion market capitalization for the first time.
Bullish sentiment for bitcoin and the broader market remains unchanged, however.
“In view of bitcoin’s impressive rally since the US election, our view is that $100,000 – $120,000 may not be too far off,” traders at QCP Capital said in a Telegram broadcast. “We believe that the underlying strength in BTC represents a systematic shift in the market in anticipation of Trump’s return to office”
“His (Trump’s) idea of launching a strategic BTC reserve and rotation from Gold to BTC, provides a strong narrative that supports BTC prices,” QCP added.
