Bitcoin (BTC) Surges, Dogecoin (DOGE) Progresses, Ripple (XRP) Forecasts: Recap of May 23 Cryptocurrency News
TL;DR
BTC’s price rose to over $71,000 on hopes of Ethereum ETF approval, resulting in a weekly increase of 6% and a monthly increase of 13%, but then retraced to $69,500.
DOGE also saw a price increase, briefly surpassing $0.17 with a market cap close to $25 billion. Key metrics improved, with 85% of holders in profit.
XRP experienced a slight increase in price with bullish indicators suggesting further gains. The outcome of Ripple’s lawsuit with the SEC could lead to significant volatility.
BTC’s Uptrend
The primary cryptocurrency started the week around $67,000 and surged above $71,000 on May 21, possibly due to optimism about Ethereum ETF approval by the US SEC.
After a slight retracement, BTC is now trading around $69,500, marking a 6% weekly increase and a 13% monthly spike. Analysts predict a potential jump to $138,000 this summer.
DOGE Climbs the Crypto Ladder
Dogecoin’s price briefly surpassed $0.17 with a market cap reaching close to $25 billion, making it the ninth biggest cryptocurrency. Key metrics show a significant rise, with 85% of holders seeing profits.
XRP Forecasts
XRP saw a modest increase recently, with analysts predicting a bullish breakout in the near future. Technical analysis indicators suggest a potential price target of $15-$20. The outcome of Ripple’s lawsuit with the SEC may lead to increased volatility in XRP’s price.
For more details on the Ripple-SEC lawsuit and its potential impact, watch our dedicated video below:
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