Ethereum, XRP, and Other Cryptocurrencies Price Forecast for September 6
Ethereum (ETH) experienced a nearly 5% decline on Friday following the release of concerning August Nonfarm Payrolls (NFP) data by the US. In a related development, JP Morgan analysts published a report indicating that ETH Exchange-Traded Funds (ETFs) have shown performance patterns similar to Bitcoin ETFs within the first month post-launch.
Meanwhile, Ripple (XRP) saw a decrease to around $0.53 as Ripple co-founder Chris Larsen expressed support for Vice President Kamala Harris in the upcoming US Presidential election. This move came alongside a recent decision by the Securities & Exchange Commission (SEC) to grant a stay on the monetary aspect of the final ruling in the SEC vs. Ripple lawsuit.
In the broader cryptocurrency landscape, Bitcoin was trading slightly above $56,000 at the time of reporting. The leading asset by market capitalization recorded seven consecutive days of outflows from Bitcoin Spot ETFs, with data from Farside Investors indicating outflows of $211.1 million on Thursday.
In the midst of these developments, the TRON network observed a surge in non-stablecoin activity, reaching new highs. Notably, Bitcoin, Ethereum, and XRP were testing crucial support levels after a recent sharp correction. TRON’s stablecoin activity spiked following the introduction of SunPump, with TRON trading at approximately $0.1500, maintaining relative stability.
The cryptocurrency market also witnessed three separate instances of hackers moving stolen funds worth millions of dollars through Tornado Cash. These incidents involved the exploitation of crypto assets from platforms like WazirX, DeFi protocol Penpie, and Bo Shen, the Founder of Fenbushi Capital.
Moreover, Vitalik Buterin, the co-founder of Ethereum, announced that he had not sold any Ether since the altcoin’s Initial Coin Offering (ICO) in 2018. On-chain transfers by Buterin garnered attention as holders of ETH watched for potential selling pressures on the altcoin.
As the cryptocurrency realm continues to evolve, these diverse events underscore the dynamic and sometimes volatile nature of the digital asset landscape, with market participants closely monitoring developments across various cryptocurrencies.
