Ethereum, XRP, and Bitcoin Price Forecast for August 13: Expert Analysis
Ripple’s XRP cryptocurrency has seen a decrease in supply on exchanges as the company eyes a potential 10% gain. Following the resolution of the Securities & Exchange Commission (SEC) lawsuit, XRP managed to erase its losses and maintain stability above the crucial support level of $0.57.
On the other hand, Ethereum has experienced a slight increase of over 2% amid minor inflows in Ethereum Exchange Traded Funds (ETFs). Technical indicators suggest that Ethereum’s price might reach the $2,000 mark in the upcoming weeks. However, the accumulation by investors based on key on-chain metrics could influence its trajectory.
Bitcoin, currently trading at $59,039, has faced a 0.5% decline and struggles to recover from a 3.6% drop on Sunday. Outflows from US-listed Bitcoin ETFs and movements from the Mt. Gox wallet have added to the market’s uncertainty. Despite Marathon Digital Holdings’ plan to raise $250 million to acquire more Bitcoin, bearish signals from on-chain data continue to impact Bitcoin’s short-term price potential.
Crypto investment products witnessed a positive turn with net inflows of $176 million last week. Marathon Digital’s intention to boost its Bitcoin holdings through convertible note offerings worth $250 million signals a potential market recovery.
Dogecoin has shown a 0.5% increase as it attempts to rebound from the previous week’s market downturn. With a 25% rally in the past week and signs of recovery in its on-chain metrics, Dogecoin faces challenges on the technical front that could impede its recovery path.
Overall, the cryptocurrency market remains dynamic, with each major player facing unique challenges and opportunities. Investors are closely monitoring developments in XRP, Ethereum, Bitcoin, and Dogecoin as they navigate the ever-changing landscape of digital assets.
