Cryptocurrencies Price Prediction: Ripple, Ethereum & Bitcoin – Asian Wrap 16 May
|Ripple Price Forecast: XRP rally faces uncertainty after Court denies SEC-Ripple joint motion
Ripple (XRP) price trades broadly sideways at around $2.41 on Friday, rising slightly after a minor correction from this week’s peak of $2.65 to support $2.34. This comes after United States (US) District Judge Analisa Torres rejected Ripple Labs and the Securities and Exchange Commission’s (SEC) joint request for an indicative ruling. The parties had reached a settlement agreement last week, pending judicial approval.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC on the verge of breakout, ETH and XRP hold key support levels
Ethereum price retested and found support around its 200-day Exponential Moving Average (EMA) at around $2,438 on Monday and rallied 7.38% the next day. However, ETH lost most of its recent gains and declined until Thursday. At the time of writing on Friday, it hovers around $2,575. If the 200-day EMA at $2,438 continues to hold as support, the rally could extend to retest its key psychological level at $3,000.
Bitcoin and Solana decline as FTX plans to begin second wave of distributions
Bitcoin (BTC) and Solana (SOL) saw a slight decline on Thursday, following an announcement from defunct crypto exchange FTX that it will commence its second wave of creditors’ distributions on May 30. The crypto market has seen a slight decline since the announcement, with Bitcoin (BTC) dropping toward $103,000 at publication time. Solana (SOL) is also down nearly 4%, according to CoinGecko data. FTX unlocked 11.2 million SOL on March 1 to commence the initial distribution to creditors, which sent prices tumbling at the time.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.