Cryptocurrencies Price Prediction: Ripple, Ethereum & Bitcoin – European Wrap 1 June

XRP unlocks tokens worth $500 million as SEC vs. Ripple verdict looms

Ripple, the cross-border payment remittance giant, has unlocked a total of 1 billion XRP tokens from escrow on Thursday. This unlock is a part of the scheduled monthly distribution strategy of the XRP token. 

Ripple typically sends back the unused XRP tokens to the escrow account after the initial distribution is complete. The released tokens are typically used to cater the needs of Ripple clients for On-Demand Liquidity (ODL). 

Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users

Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the Decentralized Finance (DeFi) space has been only negative for a long time.

Ethereum transaction fees have been a matter of discussion and concern for a long time now, but over the last few days, the transaction fees have reduced considerably. The average fee rises when there are lots of transactions occurring on the blockchain, creating backlogs, essentially enacting an increase in demand.

Bitcoin likely to remain in red through the next quarter if history is any indication

Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally. 

Bitcoin (BTC) price faced intense selling pressure in May, which caused it to drop 8.75% from its local top of $29,820. As a result, the month returned a negative 6.92%, ending the four-month positive streak for BTC.