TL;DR
- Bitcoin (BTC) rebounded from the previously ongoing correction, gaining 3.3% in the past 24 hours and briefly exceeding $67,500.
- Ripple’s XRP received increased support from several cryptocurrency exchanges ahead of a promising trial with the US Securities and Exchange Commission.
- Shiba Inu (SHIB) struggled recently, but analysts remain optimistic about a future rally, highlighting significant opportunities and resistance levels that have been overcome.
Is BTC Gearing up for a Massive Rally?
Bitcoin (BTC) witnessed a slight price decline at the end of last week, dropping below $63,000 over the weekend. However, the bulls took the offense today (March), bringing the asset to green territory. The primary cryptocurrency is up 3.3% on a 24-hour scale, briefly crossing the $67,500 mark.
Numerous experts believe the following months will be quite eventful for BTC’s valuation, based on important upcoming events like the halving.
The event, which occurs roughly every four years, reduces the rate at which new coins are mined, thus making the asset scarcer and potentially more valuable in the future. Historically, it has been a precursor of a major bull run for the entire cryptocurrency sector. Those willing to learn more about it, feel free to check our video below:
Another factor that might positively impact BTC’s price in the near future is a possible pivot from the Federal Reserve on its anti-inflationary policy. America’s central bank hinted about cutting the interest rates at some point this year, which could result in increased investor interest in riskier assets such as Bitcoin. Recall that the Fed kept the benchmark unchanged after their most recent FOMC meeting.
XRP Gains More Support
Despite not experiencing any significant price spikes recently, Ripple’s XRP has become the subject of adoption from numerous cryptocurrency exchanges. The latest spree was started by the US-based Atlantis Exchange, which introduced trading services with the asset on March 17.
Shortly after, BitMEX joined the club, allowing users to deposit, convert, and trade the cryptocurrency on BitMEX Spot. The company also described the XRP Ledger as “a faster, more energy-efficient alternative to the Bitcoin blockchain.”
Bitrue also hopped on the bandwagon, opening eight new XRP base spot trading pairs. Some of those include XRP/SHIB, XRP/PEPE, and XRP/BONK.
The recent wave of support comes a month before the trial between Ripple and the United States Securities and Exchange Commission. The firm seemingly has the upper hand, securing three partial court wins last year.
SHIB Forecasts
The popular meme coin recorded an impressive triple-digit increase last month but has been struggling to recover from the most recent market correction. Nonetheless, many analysts remain optimistic that another substantial rally is on the horizon.
The X user SHIB KNIGHT examined the token’s weekly performance, suggesting the asset’s price had surpassed an essential resistance level. They envisioned new peaks for SHIB should investors continue accumulating at the same pace.
Xanrox – an analyst on TradingView – was even more bullish, predicting that Shiba Inu would “definitely” take off later this year.
“Right now, we need to catch the bounce and ride the next wave to the upside. The 0.618 FIB retracement seems to be a great level to buy Shiba Inu, which is at 0.00002249,” they added.
