The crypto market is in the red today, with the global market cap slipping by 4.32% to $3.25 trillion. Most cryptocurrencies, including Bitcoin, Ethereum, XRP, and Solana, are seeing sharp losses. Bitcoin is trading below $104,000 at the time of writing. There is support near $101,000 to $102,000.
Ethereum (ETH) has dropped over 9% in the past 24 hours, falling to around $2,501. XRP has also taken a hit, slipping by more than 5% to trade at $2.11. Popular altcoins like Solana (SOL) and Dogecoin (DOGE) aren’t spared either — SOL is down over 10% while DOGE has fallen by nearly 9%. Even large-cap tokens like BNB and Cardano (ADA) have lost ground, dropping 2.89% and 8.6% respectively.
Geopolitical Tensions Shake Markets
The biggest reason for today’s crypto sell-off is a sudden escalation in Middle East tensions. Israel reportedly launched an airstrike on Iran’s nuclear facilities on June 13 and this geopolitical shock spooked global investors, sending them rushing toward safer assets like gold, which jumped 5%.
Historically, whenever there’s unrest in the Middle East, risky assets like cryptocurrencies tend to fall. Bitcoin alone dropped by nearly 4% intraday, a move similar to what happened during the U.S.-Iran conflict in 2020.
Macro and Regulatory Pressure
U.S. Treasury Secretary Janet Yellen recently warned that Donald Trump’s proposed tariffs could push U.S. inflation up to 3%. This could lead the Federal Reserve to keep interest rates higher for longer — bad news for risk assets like crypto.
Coinbase’s recent launch of CFTC-compliant perpetual futures contracts has pulled short-term liquidity away from spot markets, adding to the downward pressure.
The next big event for the markets is the upcoming interest rate decision, due in a few days. Right now, there’s a 99% chance rates will stay the same. The market’s hoping Fed Chair Jerome Powell will sound more confident about future economic stability, hinting at rate cuts later. If not, and if the Fed sticks to its “wait and see” stance, markets might stay weak for now.
The crypto market is still facing capitulation as most digital currencies are reversing the selloffs registered in the past week. The price of Bitcoin (BTC) remains in the spotlight as the combined crypto market capitalization jumped 2.44% to $2.76 trillion. With sellers quietly exiting the market, whether the underlying factors can sustain the current outlook remains unknown.
Crypto Market Rebound, Here’s The Trigger
Uncertainty has defined the trajectory of the most assets thus far this month as top coins dropped to their lowest levels this year. While Bitcoin’s price has shown strength, it fell to a low of $76,624.24 before reclaiming the $80,000 mark according to CoinMarketCap data.
Altcoins like Ethereum (ETH) and Solana (SOL) also dropped to new multi-week lows earlier in the month. While Ethereum fell to a monthly low of $1,760.94, Solana bears dragged the coin down to a $113 low. As it stands, BTC and altcoins have bounced off key support, which was formed at their respective monthly lows.
Since the Digital Asset Summit earlier in the week, the crypto market has not witnessed any bearish negative news. Rather, investors are digesting the Trump promise of stablecoin legislation from Congress and a BTC reserve confirmation.
On the macroeconomic level, mainstream media updates regarding the tariff war have toned down, giving the stock market room to recover.
More Selloff Ahead for Bitcoin Price?
At the time of writing, the BTC price had changed hands for $84,295.18, up 2.4% in 24 hours. The coin has pared off the losses incurred in the past week. However, the BTC price still maintains its 30-day loss of 14.27%.
At the moment, shorter-term headwinds in the market are cleared, with ETF investors returning to the scene. Per an earlier CoinGape report, spot Bitcoin ETFs scored an inflow of $785 million after a tumultuous 7-day trend.
Unlike a typical weekend in the industry known for its volatility, BTC prices show stability. Should the positive regulatory shift continue, Bitcoin might turn the $84,000 level into sustainable support.
Where is the Crypto Market Heading?
The current bullish outlook also extends to other altcoins. Per an earlier Solana price analysis, the prospect of a $1000 breakout was explored as the coin formed a parabolic base.
XRP is also in the spotlight following the Ripple and SEC lawsuit resolution, which has carved a positive growth path for it. While most analysts have different price projections for top coins, including Cardano and Dogecoin, the visible outlook shows a tempered selloff for now.
The Jerome Powell speech is a key catalyst, impacting the crypto market significantly. The US is among the world’s top economies, so its monetary decisions affect the most financial markets. As a result, the eyes are all on the Fed’s decision, as the US interest rate decision could either crash or rally the market, especially as the Donald Trump tariff brought extreme turbulence and crashes.
Jerome Powell Speech Time and Where to Watch?
Jerome Powell Speech is the highlight of the FOMC meeting, taking place moments past the meeting’s conclusion at 2:00 PM. The United States Federal Open Market Committee (FOMC) is holding its 3rd meeting, led by Powell.
Today’s Fed meeting will evaluate the economic conditions of the country and develop any potential changes needed for the country, including interest rate cuts. As their decision would impact the US monetary policy, all the nations are watching this event.
This becomes important as investors and Trump anticipate interest rate cuts. Jerome Powell will hold a conference at 2:00 PM ET on May 7, which will be live-streamed on the Fed’s official platforms, including YouTube, X (Twitter), and even its official website.
The updates on the Fed news will also be live on various social media platforms and new sites like CoinGape. However, rather than the meeting, the focus is on how it would impact the crypto market and others.
What to Expect From Jerome Powell Speech and the FOMC Meeting?
Bank of America predicted four interest rate cuts in 2025 and Goldman Sachs anticipated three 0.25% cuts, but the possibility of one happening in May is less likely. Even Godman reported for their timeline in July, September, and October.
Polymarket reports add further confidence, as the odds of interest rate cuts in May are just 2%, and 98% odds for the ‘no change.’ Experts believe that Jerome Powell will announce steady rates in his speech at 4.25%-4.50%. That’s because there’s a strong US labour market adding 1,77,000 jobs in April, grading inflation.
Moreover, the March inflation report puts it at 2.6%, which is still above the anticipated 2% target. Furthermore, the unemployment rate is also steady at 4.2%.
A rate cut would make borrowing cheaper, increasing the money flow in the economy, which Donald Trump anticipates. However, the Fed’s stance is “wait and see” based on jobs and inflation data rather than sentiments.
Will Crypto Market Rally or Crash?
Amid the uncertainty of Fed interest rate cut decisions, the crypto market is witnessing high volatility today. Most of the cryptocurrencies, including Bitcoin price is down, as the investors’ sentiments remain fearful.
The performance of the market depends heavily on Jerome Powell speech announcement. Experts like Baldwin claim that the crypto assets could witness significant volatility due to unchanged rates. He has advised investors to remain cautious for a weak period, adding to watch the Bitcoin price key support levels at $91,500–$92,000.
FOMC Meeting (May 7,2025) is knocking and everyone just can’t for Powell’s speech.
My outlook ahead of the Meeting:
> Rate Decision Outlook: 94% chance of no change to the 4.25%–4.50% federal funds rate (CME FedWatch Tool). Hawkish Fed stance may pressure crypto prices.
However, if the Fed cuts interest rates amid Donald Trump’s pressure, an uptrend could likely form. Notably, despite the outcome, the volatility will be high. Moreover, the upcoming FOMC meeting on June 18 and other macroeconomic events also need to be considered.
XRP price managed to retake the $2.3 level on Wednesday US SEC decision to delay altcoin spot ETF decision triggered an initial pullback towards $2.24. Can Ripple CEO, Brad Garlinhouse’ latest product proposal spur more gains in the days ahead?
XRP has maintained its footing above the $2.00 mark this week, even as the U.S. Securities and Exchange Commission (SEC) postponed its decision on multiple altcoin ETFs.
Ripple (XRP) Price Action| Source: Coingecko
On Tuesday, April 29, Ripple price is floating between $2.01 and $2.17, reflecting a 4.2% gain over the past seven days, signalling that the intially sell-off after the SEC announced the delayed verdict.
The delay in ETF decisions, particularly affecting Solana, Cardano, and Avalanche, and XRP. This intitaily caused a capital rotation back into BTC and ETH, as XRP price plunged to a daily timeframe low of $2.3
However, Bloomberg analyst Eric Balchunas confirmed that the delay were part of normal review procedure of the SEC, reitarating high chances of approval. Following this, altcoin markets regained balances, with XRP price risking 1.7% to retake the $2.30 level at press time.
Ripple Founder Salary Proposal Inspires Payment Model Shift
Ripple CEO Brad Garlinghouse has reignited conversation around blockchain’s XRP’s real-world use cases. An X post shared by prominent analyst “CryptoSensei” showed Brad Garlinghouse proposing a new Salary model for workers globally.
“Why not get paid daily, hourly, or even by the second? – Garlinghouse asked.
The idea centers on eliminating outdated friction in global payments. Garlinghouse argued that the current monthly or biweekly paycheck system exists only due to settlement lag in traditional finance. In contrast, Ripple’s on-chain payments infrastructure could enable seamless, real-time compensation flows.
With RippleNet and the XRP Ledger already enabling low-cost, cross-border payments, analysts believe Garlinghouse’s idea could become a core use case for XRP. Enabling Real-time salary estimation and micro-payments would position XRP more major gains and international adoption.
This proposal may have contributed to XRP’s intraday price recovery above the $2.30 level at the time of publication on Wednesday.
XRP Price Forecast: Can Ripple Founder’s Proposal Drive XRP Price to $5?
The $5 XRP price target is gaining traction once again, as both technical patterns and market narrative momentum align for a mild rebound above $2.30 on Wednesday.
Garlinghouse’s salary streaming proposal could ignite interest among fintech leaders and institutional players exploring payroll automation. If Ripple successfully launches real-world applications of micro-wage payments via XRP, the coin could instantly evolve from a speculative asset into a core financial utility.
Short-Term XRP Technical Outlook: Momentum Builds but Resistance Looms at $3.50
XRP is currently trading at $2.2499, having posted a marginal daily gain of +0.53%. The asset is trading just below the Keltner Channel midline resistance of $2.3877, a level that will likely serve as the first major hurdle for bullish continuation.
The Relative Strength Index on Moving Average (RSIOMA) shows bullish convergence:
RSI is currently at 68.87, approaching the overbought zone.
The RSI MA has trended higher to 54.55, supporting ongoing momentum.
A bullish crossover occurred mid-April, and the green histogram continues to widen, suggesting sustained buyer interest. However, volume has yet to show explosive growth, with daily trading volumes capped at 18.58M, indicating the current rally is still fragile without stronger accumulation support.
Key Technical Levels:
Support: $2.17 (Keltner mid-band), followed by $1.96
Resistance: $2.39 (Keltner upper band), and psychological threshold at $2.50
RSI Critical Zone: A break above 70 could accelerate buying pressure
XRP Price Forecast
If Ripple executes its payroll automation vision using XRP as a settlement token, market perception could shift dramatically.
Utility-driven narratives are likely to attract institutional flows, particularly if the model demonstrates cost savings and scalability across borders.
In such a scenario, technical targets beyond $3.50 toward the $5 mark become realistic over the next 6–12 months—conditional on:
Regulatory clarity in the U.S. and Europe
Stablecoin legislations in progress and sustained partnerships with enterprise clients
Continued growth in on-chain settlement volume
Conclusion
While XRP’s breakout toward $5 remains speculative in the short term, both technical momentum and growing utility narratives offer a compelling setup. A breakout above $2.39 with volume confirmation could mark the next leg up.
FOMC Meeting (May 7,2025) is knocking and everyone just can’t for Powell’s speech.
