Bitcoin (BTC) Price Consolidation, Ripple (XRP) Advancements, and More: Bits Recap May 13

TL;DR

• Bitcoin has been stable around $60,000-$61,000, with experts predicting a surge towards $110,000 by late 2024 due to market trends and upcoming halving events.
• Ripple’s XRP has been spotlighted due to a SEC classification of its upcoming stablecoin as an “unregistered crypto asset,” amid an ongoing legal battle with the agency.
• SHIB remains a popular topic despite recent price drops, with forecasts suggesting significant potential rallies.

The Calm Before the Storm for BTC?

The price of the primary cryptocurrency did not experience enhanced volatility in the past several days, consolidating in the $60,000-$61,000 range. This was rather unusual considering the substantial swings registered at the end of April and the start of May. Currently, BTC is worth around $61,600 (per CoinGecko’s data), 1% increase on a daily scale.

According to numerous analysts, this level will soon be replaced by a surge toward a new all-time high. The X user Titan of Crypto is one person who predicted such a scenario. He recently observed the Fibonacci circles on the asset’s price chart, suggesting that the cycle’s top of almost $110,00 could occur by the end of 2024.

“It’s a conservative price prediction. I think it’ll exceed it,” the analyst  added .

Mikybull Crypto and Captain Faibik outlined bullish forecasts, too. The former argued that BTC is in “final preparation for a post-halving massive rally,” whereas the latter thinks a breakout “is just a matter of time.”

Despite the overall bullish sentiment among analysts, there are also some bearish predictions. Michael van de Poppe  envisioned  a price plunge to the $52,000-$55,000 range should BTC drop below the support zone of $61,000. Recall that the asset briefly dipped to $60,800 several hours ago but later reclaimed the important level.

XRP Topped a Major Ranking

A few days ago, Ripple’s XRP made the headlines by  becoming one of the cryptocurrencies involved in most discussions. It was placed second, trailing behind the leader Monero (XMR).

The increased interest surrounding XRP could have been generated by the latest bashing manifest from the US Securities and Exchange Commission. As CryptoPotato  reported , the regulator recently labeled the company’s upcoming stablecoin an “unregistered crypto asset.”

There has been much tension between the two entities in the past years due to their  lawsuit . The SEC started the legal battle in December 2020, accusing Ripple of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP. The case recently entered its trial phase, and those curious to learn more about it can take a look at our dedicated video below:

SHIB Predictions

While the popular meme coin has been in the red for the past month, it remains a top-trending topic in the crypto community and an asset many analysts touch upon.

Last week, the X user with almost 100,000 followers – Del Crxpto –  claimed  to know “what’s coming” in the future and, as such, hopped on the SHIB bandwagon as an investor:

“I know the future, I know what’s coming for SHIB. I will not share this information, as I do not want to tarnish my SHIB relationships. However, I will tell you this: I am accumulating SHIB.”

Prior to that, Ali Martinez  maintained  that the token’s price trajectory has been “forming a bull flag” on a daily chart, raising hopes for a 300% rally.