Bitcoin
Bitcoin (BTC) Price Rally, Dogecoin (DOGE) Advance, Ripple (XRP) Predictions: May 23 Bit Recap
DR
- BTC price rose above $71,000 on optimism about the approval of the Ethereum ETF, resulting in a 6% weekly and 13% monthly increase, but then fell back to $69,500.
- The value of DOGE also rose, briefly surpassing $0.17 and reaching a market value close to $25 billion. Significant metrics increased, with 85% of holders profiting.
- 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 cause significant volatility.
BTC uptrend
The price of the primary cryptocurrency started the week at around $67,000: the same level witnessed over the weekend. However, the consolidation came to an end on May 21 when BTC rose above $71,000.
The main catalyst for the rally appeared to be the revived hopes that the US SEC could approve Ethereum ETFs as early as this week.
In recent days, the value of BTC has retraced slightly and is currently trading at approximately $69,500 (according to data from CoinGecko). The number represents a 6% increase on a weekly scale and a 13% increase in a month.
Several analysts believe that Bitcoin has not yet experienced a true bull run. User X Alpha Analysis recently foreseen that the asset’s price could jump to $138,000 this summer, assuming history repeats itself.
DOGE climbs the crypto ladder
The top meme coin – Dogecoin (DOGE) – also experienced a substantial price increase recently, briefly surpassing the $0.17 mark. Its market capitalization increased to almost $25 billion before settling at around $24 billion, overcoming Toncoin (TON) as the ninth largest cryptocurrency.
Key metrics related to the Dogecoin ecosystem have also witnessed a significant increase. On May 21, aggregate daily volume, where each transaction exceeds $100,000, exceeded $1.5 billion. A few days later, the value surpassed the US$2 billion mark.
Right now, approximately 85% of all DOGE holders keep their paper profits with the whales controlling 63% of the circulating supply.
XRP Predictions
Ripple’s XRP is also among the digital currencies that have seen a rise recently, albeit more modestly than its rivals. Many analysts expect the asset to perform much better in the near future, making impressive predictions.
User X JAVON MARKS claimed that a bullish breakout is predicted due to XRP approaching “an important convergence point” and “an RSI pattern that is currently indicating underlying price momentum.”
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 coin may be overbought and in need of a correction. Data show the ratio fluctuated predominantly below the aforementioned value during the current month, currently pointing to 49.
Based on these conditions, the analyst set a wild target of $15 to $20 for the value of XRP. “The signs of optimism are there and only time can prevent this from being demonstrated”, they argued.
A key factor that could drive severe volatility in the price of XRP is the possible outcome of lawsuit between Ripple and the US SEC. Those who want to learn about the specifics of the case and its potential impact on the asset, feel free to check out our dedicated video below: