Bitcoin price pushed back above the key $30,000 level on Tuesday, instilling confidence among market participants. The $30,000 was considered a key psychological barrier and a break past this level has painted a bullish picture for altcoins as well.
Altcoins Solana (SOL), Toncoin (TON) and Hedera (HBAR) yielded between 6% and 9% gains for holders overnight, a bullish narrative for alternative cryptocurrencies emerged. Crypto analysts and influencers like pro-XRP attorney John Deaton have informed traders in the community that a recovery or a rally in altcoins is likely in a Bitcoin bull market. Bitcoin’s bullish break past the $30,000 fueled a bullish sentiment among altcoin holders and SOL, TON, HBAR emerged as the top three altcoins yielding between 6% and 9% overnight gains for traders.
A pro-XRP attorney Bill Morgan, evaluated Judge Analisa Torres’ ruling in favor of Ripple’s partial victory and examined details of her decision to offer clarity to the XRP holder community. The attorney assures the community that Judge Torres’ ruling poses a challenge for the US Securities & Exchange Commission (SEC) to appeal in the second circuit and is unlikely to be overturned. Analysts remain bullish on XRP price rally and set a $21 target for altcoin in its ongoing upward trend.
Attorney Bill Morgan addresses the speculation surrounding errors in Judge Torres’ ruling in the SEC vs. Ripple lawsuit and explains how an appeal of the ruling is unlikely. Morgan assures the community of XRP holders and Ripple proponents that Judge Torres ruling is based off of the US financial regulator’s categorization of XRP sales and shares evidence to back the claim.
The announcement of the US inflation rate, aka the Consumer Price Index (CPI), on August 10 at 12:30 GMT could further clarify Federal Reserve’s next step. Based on the forecasts, the year-over-year inflation rate is expected to rise from 3% in June to 3.3% in July. Cryptocurrency enthusiasts are likely to watch this event closely as it could bring back the volatility after months of sideways movement.
On August 10 at 12:30 GMT, the United States Consure Price Index numbers will be revealed, giving the Federal Reserve (Fed) a chance to look at the data and decide its next path to reduce inflation. The Fed has set a 2% inflation target, so a spike in prices could suggest an upcoming interest rate hike in September.
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