Cryptocurrencies Price Prediction: Ripple, Bitcoin & Solana — Asian Wrap 23 January

FXStreet Team FXStreet

XRP price could gain nearly 12% as on-chain metrics signal recovery in Ripple

XRP price declined by 8% in the past week. The altcoin’s price has been in a downward trend since November 13, 2023. On-chain metrics signal a recovery in XRP price in the short term. Drivers of XRP’s price decline are likely slowing down and the altcoin has potential to recover.

Bitcoin price recovery likely as miners add over $250 million worth of BTC to their reserve

Bitcoin price is potentially set to take a detour, much to the surprise of the bears, who were expecting further drawdown as signals indicate a recovery at hand. Much of this comes from the miners, who have historically acted as a strong signal of a probable rally.

SOL price could find inflection here as Solana Saga phone presale orders reach 40,000

Solana (SOL) price lost the support due to the confines of the ascending parallel channel on January 18, triggering a cascade of losses for SOL holders and culminating in the Layer 1 (L1) token breaching a critical support. The outlook may be due to change soon amid growing optimism in the network.

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Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

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Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

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