Important Ripple (XRP) Developments, Bitcoin (BTC) Price Predictions, and More: Bits Recap Jan 25
TL;DR
- Bitcoin peaked at $49,000 earlier in January, then declined below $40,000. Experts predict a potential rally, with some envisioning a spectacular new ATH.
- Ripple is engaged in an intensifying legal battle with the SEC, which demands critical financial documents. The trial is set for April 23, 2024.
- The meme coin WIF recently saw a price increase after being listed on major cryptocurrency exchanges.
What’s Next for the Bitcoin (BTC) Price?
The primary cryptocurrency had a solid start to the year, peaking at $49,000 on January 11 (a day after the US SEC approved several spot Bitcoin ETFs). Since then, though, it has been on a downfall, briefly dipping below the $40K mark and hovering around it as of the moment of writing these lines.
According to some experts, the negative trend might soon be replaced by another substantial rally. The popular X (Twitter) user Ali recently argued that BTC “still has 600 days of bullish momentum ahead” if it repeats historical patterns from the 2015-2018 and 2018-2022 bull runs.
Samson Mow (CEO of the development studio Pixelmatic) chipped in, too, suggesting that many investors wait for a potential crash below $30,000 so they can buy BTC. He thinks those individuals “will be disappointed” since that collapse is out of the cards.
Earlier this year, Mow predicted that the price of the leading digital asset would sooner or later explode to a staggering $1 million. He also claimed that the potential upswing could cause “max pain” to most people around the globe due to not jumping on the BTC bandwagon on time.
Those curious to find out whether Bitcoin is poised for a rise toward a new all-time high this year, feel free to check our dedicated video below:
Ripple v SEC
The legal battle between the two parties has recently intensified, with the SEC insisting from Ripple to hand over essential documents. The requested records include the company’s financial statements from 2022 and 2023 and its post-complaint XRP sales contracts, and they might reveal whether the firm has violated certain securities laws. Ripple previously claimed that those documents were untimely and unrelated to the case.
The grand trial between the organizations is set for April 23, 2024. Ripple seemingly has the upper hand, securing three partial court victories last year.
The crypto community awaits the outcome of the case since a decisive win for the company might positively impact the entire digital asset market. On the other hand, the opposite scenario could hamper the sector and lead to the implementation of stringent rules.
WIF’s Resurgence
The Solana-based meme coin – dogwifhat (WIF) – also made the headlines, being among the few cryptocurrencies charting substantial price gains in the past few days.
As CryptoPotato reported on January 24, the asset’s value soared by 30% following listing on Bitget. Earlier this month, the token exploded to an all-time high of $0.45 after Binance launched WIF/USDT perpetual contracts.
Currently, the meme coin trades around $0.35, a 10% rise on a daily scale (per CoinGecko’s data).
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