Cryptocurrencies Price Prediction: Ripple, Bitcoin & Ethereum – European Wrap 22 January

BlackRock steers clear of XRP ETF launch amidst SEC v. Ripple lawsuit

The Securities and Exchange Commission’s (SEC) lawsuit against Ripple continues in 2024. As the payment remittance firm is embroiled in the legal battle, a Fox Business reporter has commented on whether the asset management giant will support the XRP ETF. 

Following the SEC’s approval of a Bitcoin Spot ETF, XRP holders are awaiting the launch of an XRP ETF. BlackRock, one of the largest asset managers, is unlikely to support an XRP ETF according to Fox Business Reporter Charles Gasparino. The report is relevant since the SEC v. Ripple lawsuit rages on in 2024. 

Bitcoin price is above $41,000 as BTC whales make strategic moves

Bitcoin (BTC) is struggling on Monday morning to keep its head above volatile waters, trading at $41,000, after its value fell last week. A decline in open interest by large-wallet investors (popularly known as whales), coupled with an increase of their Tether (USDT) reserves on Bitfinex, suggests that the downward trend for BTC price could extend in the short term. 

Crypto market participants track the moves of large wallet addresses on derivatives exchanges like Bitfinex since this helps determine the direction of BTC price, in the short term. According to CryptoQuant data, whales on Bitfinex have closed their leverage positions, and open interest in BTC has declined by nearly 21%. 

Top three altcoins trending in crypto social media: Ethereum, Dogecoin, Ondo

Ethereum, the second largest cryptocurrency by market capitalization, is trending among crypto traders as developers finalize the timeline for the Dencun upgrade. ETH is trending alongside Dogecoin (DOGE) and Ondo Finance (ONDO), according to Santiment data. 

The dog-themed meme coin’s holders believe Dogecoin is likely to be accepted as a payment method, as social media platform X reveals its official payments account @xpayments on X (formerly Twitter).