Tezos, Ripple and Dogecoin – European Wrap 9 August

Tezos (XTZ) price action is printing a staggering performance in just a slim two months with 62% gains after bouncing off $1.19 and nearing $2. Momentum and the daily price chart still point to more upside potential, but traders must bear in mind that the window of opportunity is starting to close as seasonality is set to kick in, with September known as the worst performing month for cryptocurrencies over a five-year track record. Additionally, several Fed members have come out these past few days and over the weekend and said that investors should not focus on early rate cuts at the beginning of 2023, as the Fed will keep hiking until inflation is near 2%, with no forward guidance and rate hikes projections heavily dependent on economic data.

XRP price is grappling with a significant resistance barrier after months of trying to flip it. The most recent failure could result in a steep correction, especially if Bitcoin price crashes. While the structure for cryptocurrencies remains indecisive, Congressman Brad Sherman said in a recent interview that the US Securities and Exchange Commission (SEC) will prevail in its investigation into Ripple.

Dogecoin price shows that the bulls are back in town and have already triggered a journey to the upside. While this outlook was expected in our previous publications, this article will also take a look into the macro outlook for DOGE.