Cryptocurrencies Price Prediction: Bitcoin, Ripple & Crypto – European Wrap 12 August
Bitcoin price hovers around $58,000 after weekend's sell-off
Bitcoin (BTC) is trading slightly above $58,000 on Monday after failing to recover from a 3.6% decline on Sunday. Last week, exchange-traded funds (ETFs) tracking Bitcoin in the US experienced average outflows of $160.10 million, while on-chain data indicates negative signals, suggesting a bearish trend ahead.
Ripple on the verge of breakout amid legal uncertainity
The conclusion of the SEC vs. Ripple lawsuit, with Ripple ordered to pay $125 million in fines, has had a significant impact on XRP prices, causing a notable correction. Despite the court maintaining XRP’s status as a non-security, the ongoing concerns about a potential SEC appeal have weighed heavily on market sentiment. Judge Analisa Torres’s statement that Ripple may have violated federal securities laws has introduced uncertainty, making traders wary of further legal developments. As a result, XRP has dipped below the key psychological support level of $0.60, reflecting the market's apprehension about the potential implications of an appeal on the token’s future.
Top 5 meme coins: Dogecoin, Shiba Inu, Pepe, Dogwifhat and Bonk extend losses
Meme coins erased 6% of their market capitalization in the last 24 hours, down to $40 billion per CoinGecko data. The shrinking market capitalization reflects the “fear” among crypto traders.
Author
FXStreet Team
FXStreet
