Cryptocurrencies Price Prediction: Ethereum, Ripple & Tesla – European Wrap 7 March

Nearly $200 million in ETH burned as Ethereum gears up for Dencun upgrade

Ethereum (ETH) price has increased sharply in the past week as investors appear to be pricing in the positive effects of the upcoming Dencun upgrade and the possibility that the US Securities and Exchange Commission (SEC) approves this year exchange-traded funds that track Ether. Meanwhile, on-chain data shows that almost $200 million in ETH were burned in the past week, another indicator of further price gains as it reduces the circulating supply of the altcoin.  

Ethereum holders are anticipating the two catalysts that are likely to drive ETH price rally this cycle. The upcoming Cancun-Deneb (Dencun) Hard Fork and the SEC’s decision on the Spot Ethereum ETF are the two catalysts for the altcoin. 

XRP price drops below key support ahead of SEC’s remedies-related brief in Ripple lawsuit

XRP price nosedived below an important support level for the altcoin, at $0.65. The altcoin is trading at $0.62 on Thursday. An important deadline in the SEC v. Ripple lawsuit is fast approaching and the regulator is set to present its remedies-related opening brief on March 22. 

XRP price is $0.62, early on Thursday. The altcoin has dropped below key support, while Bitcoin and altcoins begin their recovery from the recent bloodbath. The SEC is set to present its remedies-related opening brief on March 22, an important date for the regulator’s lawsuit against Ripple. 

Has Tesla secretly bought more Bitcoin?

The electric car company Tesla has allegedly purchased around 1,000 BTC, or at least that’s what the chatter is on social media. But a closer look at the source of these rumors reveals that it could be nothing but a case of misinterpretion.

Tesla CEO Elon Musk’s announcement of purchasing BTC was a major driver of the crypto markets in February 2021. Late Wednesday, social media platform X’s users started talking about Tesla adding 1,000 BTC, worth roughly $68 million, to their balance sheet based on data from a popular crypto data analytics platform, Arkham. Neither Tesla nor Musk have commented on these rumors.