BTC, ETH, XRP Price Prediction: Crypto Market Awaits Fed’s Nonfarm Payrolls After $1T Wipeout

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Highlights

  • The crypto market has crashed, leading to a $1 trillion wipeout.
  • BTC price forecast is bearish, with the immediate target being the March 2024 high.
  • ETH and XRP prices also have a bearish outlook as bond yields crash

Bitcoin, Ethereum, and Ripple prices have crashed this week as Donald Trump’s tariff threat complicated the Federal Reserve’s approach to rate cuts. This crash has led the crypto market to shed over $1 trillion in value from its peak in 2024. This article looks provides the forecasts for BTC, ETH, and XRP as focus shifts to the upcoming Fed’s nonfarm payrolls data. 

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Crypto Market Implodes as Treasury Yields Fall Ahead of Nonfarm Payrolls data

The crypto market has suffered a painful meltdown, with most coins crashing by over 50% from their highest levels this year. This decline is mostly because of Donald Trump’s tariffs that will trigger a trade war among the biggest trading partners.

The trade war will also lead to a stagflation, a period characterized by weak economic growth and high inflation. As a result, analysts and the bond market estimate that the Fed will opt to cut interest rates to stimulate growth. This explains why Treasury Yields have retreated, with the 10-year moving to 4.24% and the 30-year falling to 4.5%.

The US will publish the closely-watched personal consumption expenditure (PCE) data on Friday and the nonfarm payroll (NFP) next week. Economists polled by Reuters expect the data to show that the NFPs fell to 133k in February from 143k in January. The unemployment rate will likely remain at 4.0%.

The crypto market crash has coincided with that of the US stock market and crypto ETF outflows. The Dow Jones index fell by 200 points on Thursday, while the S&P 500 and Nasdaq 100 slipped by 95 and 530 points, respectively. Spot BTC and ETH ETFs have suffered large outflows in the past few weeks.

BTC Price Analysis

The ongoing macro issues have led to a strong BTC crash and ETF outflows. These ETFs have had outflows in the last eight straight days, bringing the net inflow to $36.85 billion from $40 billion earlier this year. That is a sign that investors are fearful as the crypto fear and greed index sinks.

Bitcoin ETF outflows
Bitcoin ETF outflows

The BTC price crash happened after forming a double-top pattern at $108,215. It has now crashed below the neckline at $89,107 and the 200-day moving average. Bitcoin seems to be targeting the March 2024 high of $73,615. 

Bitcoin Price
Bitcoin Price

ETH Price Forecast

Ethereum price has crashed below the key support level at $2,130, its lowest swing in September last year. This crash accelerated after the Ethereum price formed a death cross pattern as the 200-day and 50-day moving averages crossed each other. 

The average directional index (ADX) has risen to 42, indicating a strong downtrend. As such, the ETH price may drop to $2,000 as the crypto market sell-off continues. 

Ethereum Price
Ethereum Price

XRP Price Technical Analysis

Ripple price dropped after its lawyer Jeremy Hogan, predicted the conclusion of the Ripple vs SEC case to conclude no earlier than March 14.

The XRP price has crashed to $2 as the crypto market industry suffered a $1 trillion meltdown. This was a crucial level since it is the neckline of the head and shoulders pattern and the 50% Fibonacci Retracement level. 

The RSI indicator is falling, while the ADX is rising, pointing to more momentum. This means that the XRP price may crash to $1.1393, the 78.6% retracement point. 

XRP Price
XRP Price
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Summary

The BTC, XRP, and ETH prices have imploded this year, and the upcoming nonfarm payrolls data will help to predict the next Federal Reserve cuts. Their crash has also accompanied that of the US Treasury yields and the equity market.

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Frequently Asked Questions (FAQs)

1. How will the US nonfarm payrolls affect the crypto market?

The upcoming NFP data will have an impact on cryptocurrencies as it will determine what to expect from the Fed.

2. What is the most likely BTC price prediction?

The most likely BTC price prediction is bearish, with the next target being March 2024 high of about $73,600.

3. Will the XRP price rise or fall?

There are odds that the XRP price will crash soon now that it has formed a head and shoulders chart pattern.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.