3 Cryptos to Keep an Eye on Next Week – XRP, BTC, CRO

The upcoming week’s key events and developments could drive significant price movements for major coins.

XRP, Bitcoin (BTC), and Cronos (CRO) are poised for action, fueled by regulatory updates, macroeconomic events, and high-profile integrations, making them noteworthy for traders and investors alike.

Here are three cryptocurrencies to monitor in the upcoming week. Each has significant catalysts that could influence market movements.

XRP 

XRP has experienced a substantial surge, rising nearly 400% since November 5, following the U.S. presidential election. This increase is attributed to investor optimism regarding potential regulatory changes under the incoming administration, which may favor cryptocurrencies.

• SEC Leadership Change: The resignation of SEC Chair Gary Gensler has raised expectations of a more crypto-friendly regulatory environment, which could potentially benefit XRP. 
• Potential XRP Spot ETF Approval: Market anticipation is growing for the approval of a spot XRP Exchange-Traded Fund in the U.S., which could attract substantial institutional investment. 
• Launch of RLUSD Stablecoin: Ripple has received approval from the New York Department of Financial Services to launch its RLUSD stablecoin, which is expected to enhance XRP’s ecosystem. The main net launch is expected in December 2024. 

These catalysts contribute to increased investor interest and could significantly impact XRP’s market performance in the near future.

Meanwhile, the price of XRP is in a descending channel, hovering just below its resistance level. This pattern indicates trend continuation, but a breakout is needed to confirm the bullish outlook. 

There is a threat of another low coming as a final retest of the channel’s support before it can continue moving upward, but that could easily come by the second half of next week. 

Bitcoin (BTC)

Bitcoin recently surpassed the $100,000 mark, reaching $103,853 on Dec. 4. This milestone is driven by expectations of a more crypto-friendly regulatory environment and the approval of crypto-focused ETFs, which could further boost mainstream adoption.

Bitcoin (BTC) is poised for significant market activity in the upcoming week, influenced by key economic events:

U.S. Consumer Price Index (CPI) Release – Dec. 12: The U.S. Bureau of Labor Statistics will release the latest CPI data, providing insights into inflation trends. This report is crucial as it influences the Federal Reserve’s monetary policy decisions, which can impact Bitcoin’s price due to its sensitivity to inflation expectations. 

Federal Reserve’s Federal Open Market Committee (FOMC) Meeting – Dec. 17: The FOMC will discuss and potentially adjust interest rates.

Decisions made during this meeting can affect market liquidity and investor sentiment, influencing Bitcoin’s market dynamics. 

Since its recent high, the price of Bitcoin slowed down in momentum, forming an ascending channel. This could be interpreted as a consolidation range before the next runup.

A breakout above the resistance level will signal the next upward advancement to a new all-time high above $112,000. 

Cronos (CRO)

Crypto.com Coin (CRO) is set to experience significant market activity due to the upcoming ‘The Showdown’ golf event on Dec. 17.

‘The Showdown’ Golf Event – Dec. 17: This golf tournament in Las Vegas features top golfers Rory McIlroy, Scottie Scheffler, Bryson DeChambeau, and Brooks Koepka competing for a $10 million prize entirely in CRO tokens. Sponsored by Crypto.com, this event underscores cryptocurrency integration into mainstream sports and is expected to enhance CRO’s visibility and adoption. 

After rising over 230% to a high of $0.23 on Nov. 11, the price of CRO has been consolidating, forming a symmetrical triangle.

Considering the price context, this could be interpreted as a bull flag—a trend continuation pattern.

As the price approaches the triangle’s apex, a breakout could occur next week, setting signs to values above $0.26 for its next high. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.

Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.

Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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