Bitcoin (BTC) Price Ahead of Big Move, Ripple (XRP) Predictions, and More: Bits Recap May 30
TL;DR
- BTC’s price has been fluctuating recently between $67,200 and $70,000, currently at $68K. Analysts predict a major pump, with some forecasting it could reach $150,000, driven by the impact of Bitcoin ETFs.
- Ripple’s XRP is trading around $0.524, with expectations of a significant surge. Key targets are $1.20 to $1.50, with a critical breakout point at $0.70 – $0.75.
- Dogecoin faces significant resistance between $0.166 and $0.171 but could potentially double if it overcomes this barrier.
BTC Price Outlook
The primary cryptocurrency experienced some turbulence in the past few days, ranging from $67,200 to over $70,000. Currently, it hovers at the $68K level, registering a 1% decline on a daily scale.
Numerous analysts believe BTC is gearing up for another major rally, with some envisioning new all-time highs. The popular X user Lark Davis recently forecasted that the asset’s price will explode to $150,000 while Ethereum (ETH) will tap $15,000.
He argued that BTC’s bull run will be fueled by the Bitcoin ETFs, which attract “hundreds of millions” of dollars in inflows daily.
“Imagine the scenes when retail is here, and the bull market is at its peak. When countries, wealth managers, pension funds, and retail will be buying billions of dollars worth of ETFs daily,” he added.
Another bullish analyst is Crypto Rove,r who claimed that BTC’s supply “available to the masses” is gradually decreasing, assuming that an “enormous bull market is imminent.”
On that note, it is important to mention one major mechanism that is integral to Bitcoin’s supply system and has a direct impact on its inflation rate: the BTC halving. It occurs approximately every four years and slashes the miners’ block rewards in half, with the latest one happening a month ago.
Following the event, the BTC production is slowed down by half, making the asset scarcer and potentially more valuable in time (should demand rise or remain the same). Historically, the process has been a precursor of a massive bull run for the leading digital currency and the entire crypto market. Those curious to learn more about the halving, feel free to take a look at our dedicated video below:
Where Is XRP Headed?
Ripple’s native token has been relatively steady as of late, with its price varying between $0.52 and $0.53. Currently, it stands at around $0.524 (per CoinGecko’s data), a 2% increase on a monthly basis. Despite the consolidation, multiple industry participants expect significant resurgence in the near future.
The X users EGRAG CRYPTO and JAVON MARKS are two examples. The former shared a price chart indicating that XRP’s recent performance is “aligning perfectly” with prior expectations and the Fib 0.702 – 0.786 levels. The analyst predicted the coin’s next target to be between $1.20 and $1.50, highlighting the $0.70 – $0.75 range as a “critical break-out point.”
“Although a retest of the break-out might be in the cards, a MEGA RUN for XRP is on the horizon. Yes, my target is double digits,“ EGRAG CRYPTO added.
JAVON MARKS claimed the asset is poised for a rally because it is nearing “a major converging point” and has “an RSI Pattern currently indicating underlying momentum in prices.”
The Relative Strength Index (RSI) tracks the velocity and magnitude of price changes, ranging from 0 to 100. A ratio above 70 indicates that the asset might be overbought and could face a price correction. XRP’s RSI is currently at 40, following a notable decline over the past week.
What About DOGE?
Last but not least, we will touch upon the biggest meme coin in terms of market capitalization – Dogecoin (DOGE). Many analysts recently put the asset on their watch list, envisioning fresh peaks under certain conditions.
The X user Ali Martinez maintained that DOGE faces “significant resistance“ between $0.166 and $0.171, where 75,000 addresses have accumulated approximately 10 billion coins.
“However, once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322,“ he claimed.
Nebraskangooner chipped in, too, predicting a “meme-pump action soon“ as long as DOGE stays above the critical resistance level of approximately $0.16. Currently, its price is just above that mark.
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