Ripple, Bitcoin Lead Market Mood Amidst Adjustment Sideways Movement

BTC, sideways movement after last week's rise due to lack of positive news XRP, up about 5% despite the possibility of the US SEC appeal Experts have divergent views on the future outlook of BTC's sideways movement BTC, which had been on a recent upward trend due to the US Federal Reserve's interest rate cut and the Chinese government's economic stimulus, has entered a correction and declined. After last week's rise, there is a lack of 'additional positive news' to sustain the rise of BTC. BTC, which began to decline from last Saturday, continued to fall further on the 30th, settling in the 84 million won range. While BTC has paused for a moment, XRP has been leading the market sentiment based on high trading volume and an increase. XRP has been rising since the 29th, even though the news that the US Securities and Exchange Commission (SEC) is preparing to appeal against Ripple. The main positive news that has driven the rise of XRP is the issuance of Ripple's stablecoin RLUSD. According to the Ripple Ledger analyst 'Vet', Ripple issued about 800,000 RLUSD in a single day on the 29th. This is about 99% of the RLUSD issuance volume that Ripple had announced. Ripple's CEO Monica Long and other key executives had previously announced the issuance of RLUSD within this year. With Ripple issuing about 99% of the announced RLUSD volume, the market interpreted that the market launch of RLUSD is imminent, and XRP has maintained a lone upward trend in the cryptocurrency market that has been sideways over the weekend. XRP, which started rising on the 29th, has surpassed the 800 won level on Upbit. ◇ BTC = As of 5 pm on the 30th, the BTC price on Upbit is 84.45 million won. BTC's market dominance is 57.32%. With BTC in a sideways movement for several days after the rise, experts have divergent views on BTC's further rise. Coinbase argued that BTC will face a bullish trend in the 4th quarter of this year due to the US interest rate cut and China's economic stimulus. Coinbase Institutional, Coinbase's institutional investment platform, explained in its report 'Takeaways from Token 2049' released on the 28th that the decisions of the US and China will inject liquidity into the cryptocurrency market. The report stated that the Fed's 50bp interest rate cut has created an environment where other monetary authorities can engage in more aggressive economic stimulus, and that the Chinese government's policy changes are one of the results. It emphasized that "the effects of the Fed's choice appear to be able to inject liquidity into the market, and we share a very optimistic outlook for the 4th quarter of 2024 as a result." On the other hand, the on-chain analysis platform Sentiment argued that the bullish trend of BTC may be delayed due to the high expectations of the crowd filling the market. Sentiment pointed out in its own report on the 30th that the ratio of posts mentioning BTC's bullishness and bearishness is 1 and 1.8, respectively, based on its investigation of social media. Sentiment emphasized that the bullish sentiment on BTC is at a very high level, which is not a condition for a bullish trend. Sentiment's report stated that "the bullish trend may take more time until the public's expectations are lowered" and that "the market has always historically moved in the opposite direction of the public's expectations." ◇ Rising Coin = As of 5 pm on the 30th, the cryptocurrency that recorded the largest increase compared to the previous trading day on Upbit is Golem (GLM), up about 12% from 24 hours ago. Golem is a project that operates Ethereum-based dApps designed for a decentralized open-source network. The Golem network connects and shares distributed computing resources in a P2P manner, allowing software developers to access computing resources at a low cost. The Golem token (GLM) is used as a cost or reward in the use and rental of computing resources on the Golem network. ◇ Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is 61 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.