Cryptocurrencies Price Prediction: Ripple, Bitcoin & Ethereum – European Wrap 12 March

XRP price hits new 2024 peak alongside Coinbase filing that reveals contradictory SEC stance on digital assets

XRP price tagged the $0.7440 level on Monday, after trading below the $0.66 resistance for weeks. The altcoin’s rally to a new year-to-date high, which lost some steam on Tuesday, is likely catalyzed by XRP holders’ anticipation surrounding the upcoming opening brief deadline in the Securities and Exchange Commission (SEC) lawsuit against Ripple and the recently passed Automated Market Maker (AMM) amendment for XRP Ledger. 

Meanwhile, Coinbase’s recent filing in its lawsuit against the US SEC  highlighted the financial regulator's contradictory stance on digital assets. The XRP community and pro-Ripple attorneys commented on the exchange’s filing and its possible implications for the SEC vs. Ripple lawsuit. 

Bitcoin cleared $70,000 and Ethereum, $4,000: What’s next for crypto?

The cryptocurrency bull rally that started in January 2023 is going strong, with Bitcoin clearing old all-time highs (ATH) at $69,000 and Ethereum clearing the $4,000 psychological level. This cycle has caused many altcoins to grow by multiples in short durations. But as BTC dominance reaches April 2021 levels, what’s next for crypto markets? 

The Fear and Green Index (FGI) stands at 81, which indicates that the crypto markets are in “extreme greed” conditions, where potential corrections could erupt due to profit-taking. The FGI ranges from 0 (extreme fear) to 100 (extreme greed), reflecting crypto market sentiment. The lower range, aka extreme fear, signals that the markets are oversold, while the upper limit indicates that a potential market correction could be around the corner.

Ethereum price unlikely to be moved by SEC ETF decision as approval odds diminish, analysts say

The possibility of an approval of a Spot Ethereum ETF has divided the Ether holder community. While there was an expectation of approval by the Securities and Exchange Commission (SEC) immediately after the Bitcoin ETF announcement, the enthusiasm has recently faded after Bloomberg ETF analysts significantly reduced the probability of a Spot Ether exchange-traded fund approval in May, down to 30% from as high as 70%.

Analysts at crypto trading platform Blofin state that a rejection may not have a significant impact on Ethereum price. An ETF approval or rejection may turn out to be a non-event for the altcoin’s price and its holders.