Bitcoin (BTC) Price Rally, Dogecoin (DOGE) Advance, Ripple (XRP) Predictions: May 23 Bit Summary

TL;DR

BTC price surged above $71,000 on optimism over Ethereum ETF approval, resulting in a 6% weekly and 13% monthly gain, but then retreated to 69,500 dollars The value of DOGE also rose, briefly surpassing $0.17 and reaching a market cap close to $25 billion. The meaningful metrics increased, with 85% of holders in profit. XRP price saw a slight increase with predictions of further gains due to bullish indicators. The outcome of Ripple’s lawsuit with the SEC could lead to significant volatility. BTC Uptrend

The price of the major cryptocurrency started the current week around $67,000 – the same level seen over the weekend. However, the consolidation ended on May 21 when BTC broke above $71,000.

BTC Price, Source: CoinGecko

The main catalyst for the rally appeared to be resurgent hopes that the US SEC could approve Ethereum ETFs as soon as this week.

Over the past few days, the value of BTC pulled back slightly and is currently trading at around $69,500 (according to CoinGecko data). The figure represents an increase of 6% on a weekly basis and an increase of 13% in a month.

Many analysts believe that Bitcoin has yet to experience a true bull run. User X Alpha Analysis recently predicted that the asset’s price could rise to $138,000 this summer, assuming history repeats itself.

DOGE moves up the crypto ladder

The meme’s main coin, Dogecoin (DOGE), has also seen a substantial increase in price lately, briefly surpassing the $0.17 mark. Its market capitalization rose to nearly $25 billion before settling around $24 billion, overtaking Toncoin (TON) as the ninth largest cryptocurrency.

Important metrics related to the Dogecoin ecosystem also witnessed a significant increase. On May 21, the aggregate daily volume, where each transaction exceeds $100,000, exceeded $1.5 billion. A few days later, the figure crossed the $2 billion mark.

At the moment, roughly 85% of all DOGE holders sit on the paper’s profits, and whales control 63% of the circulating supply.

XRP Forecasts

Ripple’s XRP is also among the digital currencies that witnessed a surge recently, albeit more modestly than its rivals. Many analysts expect the asset to perform much better in the near future, describing impressive predictions.

X user JAVON MARKS stated that a bullish breakout is on the cards due to XRP approaching “a major convergence point” and “an RSI pattern currently indicating underlying momentum in the prices”.

The Relative Strength Index (RSI) is a metric used in technical analysis to measure the speed and change of price movements. An RSI above 70 suggests that the currency may be overbought and a correction could be in the offing. The data shows that the ratio has been mostly below the mentioned figure during the current month, currently pointing at 49.

Based on these conditions, the analyst set a wild target of $15-$20 for the value of XRP. “The signs of the bull are there, and only time can stop it from showing,” they argued.

An essential factor that may drive high volatility in the price of XRP is the possible outcome of the lawsuit between Ripple and the US SEC. Those who want to know the specifics of the case and its potential impact on the asset, feel free to check out our dedicated video below:

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Leave a Reply

Your email address will not be published. Required fields are marked *