Crypto Markets See Uptick in Ripple and Zcash as Bitcoin Remains Volatile
Ripple and Zcash are making moves in the cryptocurrency market, while Bitcoin's price volatility remains high.
XRP, currently trading at $1.42 on Tuesday, has seen a 6% surge in value over the past day and holds firm above its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs), indicating a constructive medium-term structure and keeping the near-term bias tilted to the upside.
Zcash, trading above $1,150 on Tuesday after a 9% rise the previous day, holds well above its 50-day EMA at roughly $828, the 100-day EMA at $683, and the 200-day EMA at roughly $554, keeping the broader structure bullish despite easing upside pressure.
The Federal Reserve's upcoming meeting is expected to have a significant impact on market sentiment, with many believing that markets have already priced in a 25-basis-point rate increase after the release of August inflation data last week.