As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed the rollercoaster ride that digital assets can take. The recent events surrounding XRP, BTC, and ETH are no exception to this rule.
TL;DR
- The SEC’s continued legal action caused a temporary drop in XRP’s price, but analysts remain confident about its long-term outlook.
BTC rebounded to over $63,500, with bullish predictions for a potential rally toward $100,000 and beyond.
ETH recovered to nearly $2,500, with analysts forecasting a move to $2,800 amid reduced exchange reserves.
XRP’s Ups and Downs
Discussions about the Securities and Exchange Commission (SEC) in the United States deciding to persist with their legal fight against Ripple have been a popular topic lately within the cryptocurrency community. It’s important to remember that this agency recently appealed a 2023 court ruling by Judge Torres, where he determined that transactions involving XRP were not classified as securities sales. At that time, the judge made his decision, the SEC had until October 7th to respond, submitting their documents just days before the deadline approached.
Without much surprise, the value of XRP dropped significantly after the announcement. By October 3, it had fallen by double digits to reach approximately $0.51. In the subsequent days, the token fluctuated but showed a slight uptick in the last 24 hours. At present, according to CoinGecko’s data, its value stands at around $0.54, which represents a 2% rise on a day-to-day basis.
It appears that the subpar performance of the asset hasn’t dampened the optimistic outlook among many cryptocurrency analysts. The well-known user Dark Defender asserted that the recent developments in the case have not altered the status or native token of the firm.
“The SEC appeal is a pure blunder and will separate the 1% from the entire population with a poor mindset. The price is not dependent on this lawsuit, as we analyzed before,” they added.
BTC is Back on the Green Track
Last week, XRP was among several cryptocurrencies experiencing a downturn. For instance, Bitcoin (BTC) momentarily dipped to around $60,000 on October 2, likely due to news about intensifying conflicts in the Middle East.
In recent times, I’ve observed a recovery phase for Bitcoin, pushing its price above $63,500. Despite the increased volatility, it has managed to surge approximately 50% this year so far. Many industry players anticipate even more growth in the future.
The user Sensei noticed the beginning of a possible “uptrend continuation pattern” (bull flag breakout) on the price graph, which might signal an upcoming surge towards a potential new peak of $100,000.
OxNobler was optimistic, too, arguing that every major bull run has historically started in October. “The next target for BTC is $260,000, and many alts will follow the lead,” the analyst assumed.
How’s ETH Doing?
Last week, Ethereum (ETH) struggled and dropped to around $2,300. However, its current situation appears more promising as it’s now trading at approximately $2,500.
User EliZ anticipates that Ethereum (ETH) might imminently reach the resistance point of $2,800, as indicated by certain on-chain statistics, which hint at an upcoming surge.
Recently, reserves held by exchange platforms have been experiencing a decline. This might suggest a transition from centralized platforms to self-custody solutions, leading to less immediate selling pressure.
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2024-10-07 11:24