Cryptocurrencies Price Prediction: Uniswap, Bitcoin & Ripple – European Wrap 13 May

Uniswap extends decline even as open interest, volumes remain high

Uniswap (UNI) price hovers at $6.69 at the time of writing on Tuesday after sliding for three consecutive days. The native decentralized exchange (DEX) token encountered heavy resistance clusters around the $7.68 area over the weekend, prompting instability and a drawdown potentially exacerbated by profit-taking. 

UNI's over 2% drawdown on the day reflects broader tempered sentiment in the crypto market. The King of the crypto market, Bitcoin (BTC), retraced from its weekly peak of $105,819 to slightly below $102,000 during the early Asian session, highlighting existing short-term risks.

Bitcoin Price Forecast: BTC slips below $103,000 as traders lock in profits ahead of US CPI

Bitcoin (BTC) extends its decline on Tuesday, slipping below $103,000 at the time of writing as traders book profits following last week’s over 10% rally. The move comes ahead of the release of the US Consumer Price Index (CPI) data for April, which could bring volatility into risky assets like BTC. Despite the short-term decline, a report from Bitfinex analysts suggests that if macro conditions stay favorable, short-term dips may be quickly absorbed, keeping BTC’s bullish outlook intact.

Bitcoin began this week on a positive note, climbing during the Asian session on Monday, as news came in that the US and China had agreed to a tariff reduction for 90 days. However, those gains were largely erased during the New York session as the largest cryptocurrency by market capitalization dropped sharply below $103,000, hitting an intraday low near $100,700. At the time of writing on Tuesday, it is trading in the red at around $102,600 during the early European trading session.

XRP price rally stalls reflecting potential profit-taking

Ripple (XRP) price trims gains to exchange hands at $2.44 at the time of writing on Tuesday, as the crypto market puts the brakes on the rally triggered by the trade deal between the United States and China, on top of last week's limited bilateral trade agreement with the United Kingdom (UK). The sudden pullback from Monday's highs triggered massive liquidations totaling $35 million in the last 24 hours, according to CoinGlass data. Longs accounted for the lion's share of the liquidations at $22.82 million, hinting at declining trader interest in XRP's short-term price action.

Meanwhile, Securities and Exchange Commission (SEC) Chair, Paul Atkins, said during the Crypto Task Force roundtable on Monday that the Commission needs to keep pace with innovation, calling for regulatory changes to position the United States (US) as the "crypto capital of the planet," as envisioned by President Donald Trump.