Bitcoin (BTC) Price Rally, Dogecoin (DOGE) Advancement, Ripple (XRP) Predictions: Bits Recap May 23
TL;DR
- BTC’s price climbed above $71,000 due to optimism about Ethereum ETF approval, resulting in a 6% weekly and 13% monthly increase, but then retraced to $69,500.
- DOGE’s value ascended as well, briefly surpassing $0.17 and achieving a market cap near $25 billion. Significant metrics rose, with 85% of holders in profit.
- XRP’s price saw a slight increase with predictions of further gains due to bullish indicators. The outcome of Ripple’s lawsuit with the SEC could cause significant volatility.
BTC’s Uptrend
The price of the primary cryptocurrency started the ongoing week at around $67,000: the same level witnessed over the weekend. However, the consolidation came to an end on May 21 when BTC pumped above $71,000.
The main catalyst for the rally appeared to be the reemerged hopes that the US SEC could approve Ethereum ETFs as early as this week.
Over the past few days, BTC’s value slightly retraced and is currently trading at approximately $69,500 (per CoinGecko’s data). The figure represents a 6% rise on a weekly scale and a 13% spike in a month.
Numerous analysts believe that Bitcoin is yet to experience a real bull run. The X user Alpha Analysis recently predicted that the asset’s price might jump to as high as $138,000 this summer, assuming history repeats itself.
DOGE Climbs the Crypto Ladder
The leading meme coin – Dogecoin (DOGE) – has also experienced a substantial price increase lately, briefly surpassing the $0.17 mark. Its market capitalization pumped to almost $25 billion before settling at around $24 billion, thus surpassing Toncoin (TON) as the ninth-biggest cryptocurrency.
Important metrics related to Dogecoin’s ecosystem also witnessed a significant rise. On May 21, aggregated daily volume, where each transaction exceeds $100,000, exceeded $1.5 billion. A few days later, the figure surpassed the $2 billion milestone.
As of the moment, approximately 85% of all DOGE holders sit on paper profits, with whales controlling 63% of the circulating supply.
XRP Forecasts
Ripple’s XRP is also among the digital currencies that witnessed an uptick recently, albeit in a more modest fashion than its rivals. Many analysts expect the asset to perform much better in the near future, outlining impressive predictions.
The X user JAVON MARKS claimed that a bullish breakout is in the cards due to XRP nearing “a major converging point” and “an RSI Pattern that is currently indicating underlying momentum in 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 the coin might be overbought and could be due for a correction. Data shows the ratio has predominantly hovered below the aforementioned figure during the ongoing month, currently pointing at 49.
Based on these conditions, the analyst set a wild target of $15-$20 for XRP’s value. “The signs for bullishness are there, and only time may be in the way of it being showcased,” they argued.
One essential factor that can propel severe volatility in XRP’s price is the possible outcome of the lawsuit between Ripple and the US SEC. Those willing to learn about the case’s specifics and its potential impact on the asset, feel free to check our dedicated video below:
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