Cryptocurrencies Price Prediction: Ripple, Ethereum & Bitcoin – Asian Wrap 16 May

Ripple Price Forecast: XRP rally faces uncertainty after Court denies SEC-Ripple joint motion

Ripple (XRP) price trades broadly sideways at around $2.41 on Friday, rising slightly after a minor correction from this week’s peak of $2.65 to support $2.34. This comes after United States (US) District Judge Analisa Torres rejected Ripple Labs and the Securities and Exchange Commission’s (SEC) joint request for an indicative ruling. The parties had reached a settlement agreement last week, pending judicial approval.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC on the verge of breakout, ETH and XRP hold key support levels

Ethereum price retested and found support around its 200-day Exponential Moving Average (EMA) at around $2,438 on Monday and rallied 7.38% the next day. However, ETH lost most of its recent gains and declined until Thursday. At the time of writing on Friday, it hovers around $2,575. If the 200-day EMA at $2,438 continues to hold as support, the rally could extend to retest its key psychological level at $3,000.

Bitcoin and Solana decline as FTX plans to begin second wave of distributions

Bitcoin (BTC) and Solana (SOL) saw a slight decline on Thursday, following an announcement from defunct crypto exchange FTX that it will commence its second wave of creditors’ distributions on May 30. The crypto market has seen a slight decline since the announcement, with Bitcoin (BTC) dropping toward $103,000 at publication time. Solana (SOL) is also down nearly 4%, according to CoinGecko data. FTX unlocked 11.2 million SOL on March 1 to commence the initial distribution to creditors, which sent prices tumbling at the time.