This week, we examine Ethereum, Ripple, Cardano, Binance Coin, and Solana in greater detail.

Ethereum (ETH)

Ethereum could not hold above $3,300, and its price fell by 4% this week. However, sellers did not seem determined enough to break below $3,000, which is currently acting as a key support level.

In the past three weeks, the price action was rather flat with ETH unable to move much beyond its current level. Any attempt at breaking above $3,300 was quickly rejected. This long consolidation could be followed by a major breakout from this range in the future.

Looking ahead, Ethereum’s momentum has turned bearish on the weekly MACD, which could indicate that sellers may continue to put pressure on the asset. If the key support at $3,000 is lost, then bears will have the upper hand and control the price action.

Ripple (XRP)

XRP managed to return above $3 after a brief fall under this key level on Monday. Nevertheless, the price closed the week with a 2% loss, and the support at $3 appears weak at the time of this post. The key resistance is found at $3.3.

Another fall under $3 may be interpreted as bearish by the market and push the asset into a more significant correction after its massive pump from late 2024. Buyers will need to show strength here if they want to avoid a longer correction.

Looking ahead, XRP is found at a crossroads. The bullish momentum has faded, and the buy volume has been decreasing for weeks. If nothing changes, sellers will have the upper hand in the days to come.

Cardano (ADA)

ADA struggled this week after its price fell by 6% and is now under $1 again. The key support at $0.9 managed to hold and stop the asset from falling lower, but the momentum remains somewhat bearish.

Similarly to XRP, ADA lacks the momentum to make new highs at the time of this post and is found in a dangerous position of losing its current support. If $0.9 falls, then the next level of support will be found at $0.73.

Looking ahead, Cardano’s momentum appears to be shifting bearish. The weekly MACD is also quickly approaching a bearish cross, which would make a longer correction likely and encourage sellers to press forward.

Binance Coin fell by almost 2% this week but continues to show resilience even if it was unable to maintain a price above $690, which is currently acting as a resistance.

The key support is found at $605, and this level may be revisited in the future if the overall market remains bearish. Even if that happens, BNB will still show an uptrend with higher highs and higher lows.

Looking ahead, BNB appears to consolidate around $600 and is well-positioned to make new highs should the market turn bullish again in the future. For that to happen, the asset will have to break above $690.

Solana (SOL)

Solana closes the week with an 8.5% loss. This correction is normal, considering its price had a major rally in early January. Should the correction continue, the most important support level is found at $206.

If SOL hopes to make new highs, it has to break the key resistance at $260. So far, this cryptocurrency has been unable to close a weekly candle above this level. Until that happens, a new all-time high appears unlikely.

Looking ahead, it is best to be patient and wait for the correction to end. Buyers could return later to see Solana attempt a breakout above $260. However, until then, the key support at $206 could be revisited.

Grayscale has applied to the U.S. Securities and Exchange Commission (SEC) to change its XRP Trust into an exchange-traded fund (ETF) on NYSE Arca.

According to a filing lodged with the regulatory agency, the XRP Trust is among the largest investment instruments anchored to Ripple’s native token, with more than $16 million in assets under management.

Spot XRP ETF

Grayscale’s justification for seeking to convert the trust into an ETF is that such a product would give investors greater access to XRP without the cost and complexity of directly buying the asset, all while being overseen by a national securities exchange.

The asset management giant now joins a host of investment firms, including CoinShares, Wisdom Tree, ProShares, REX Shares, and Bitwise, who have all submitted filings for XRP ETFs.

The flurry of activity comes hot on the heels of the inauguration of Donald Trump as the 47th U.S. President. His pro-crypto outlook has encouraged many digital asset companies to explore new offerings, with Grayscale submitting applications for Solana and Litecoin ETFs only a week ago.

Earlier, the Stamford-based company also introduced its Grayscale Bitcoin Miners ETF to expose investors to publicly traded BTC mining companies such as Riot, Marathon Digital, and Core Scientific.

The SEC, under interim Chair Mark Uyeda, has set up a dedicated task force to develop a regulatory framework for the crypto industry. While the agency, under its former head Gary Gensler, approved ETFs tracking Bitcoin and Ethereum, its insistence that most cryptocurrencies qualified as securities meant that the market’s options for crypto-related ETFs were limited.

XRP Under Fire

XRP itself is at the center of a long-running legal feud between its parent company and the SEC, with the regulator accusing Ripple Labs and several of its executives of raising $1.3 billion through an unregistered securities offering.

While a recent removal of the lawsuit on the financial watchdog’s website sparked speculation among the XRP community that the case may have been finally resolved, attorney Jeremy Hogan insisted that it is still on and nothing had changed.

Meanwhile, a recent executive order to explore the creation and makeup of a national digital asset reserve had sections of the Bitcoin community up in arms against XRP over its possible inclusion in such a stockpile.

The endless drama seems to have taken a slight toll on the coin’s price, which dropped by a marginal 0.6% in the last 24 hours. The loss is more significant across a fortnight, with CoinGecko data showing XRP dipped by nearly 7%.

However, it’s not all doom and gloom; over 30 days, Ripple’s native token is up 44.9%, with analysts optimistic it can break its all-time high of $3.4 in the short term to jump to $4.5.

TL;DR

• Ripple (XRP) holds strong above $3, with analysts eyeing a new ATH in the near future.
• Litecoin experienced a substantial revival, boosted by the SEC’s acknowledgment of a potential spot LTC ETF. Targets range up to $350.
• Bitcoin (BTC) has fluctuated between $98K and $106K, recently rebounding after Jerome Powell’s FOMC speech. One popular analyst suggests the price could reach over $184K before the current cycle ends.

Is XRP Preparing for Another Major Rally?

Ripple’s XRP remains one of the best-performing cryptocurrencies since the election of Donald Trump as America’s next president. Recall that the asset’s price was hovering below $0.55 before the voting on November 5 last year, while two months later, it skyrocketed to almost $3.40 or just 1% away from reaching its all-time high (according to CoinGecko’s data).

In the past few weeks, XRP witnessed some turbulence, with its valuation briefly plummeting below $2.80 on January 27. In the following days, the bulls managed to recover some of the lost ground, and the price is currently set at around $3.10. 

Numerous pro-XRP analysts, who did not lose hope even during the bear market, have recently filled X with optimistic predictions. Some examples include JackTheRippler and EGRAG CRYPTO. The former claimed the price “has never been so long in the $2-$3 range in its entire history,” envisioning a major bull run once the consolidation ends. For their part, EGRAG CRYPTO believes XRP could go into uncharted territory if it breaks above $3.40. 

Interestingly, some industry participants who have not been so kind to Ripple’s native token have also changed their stance. The X user Crypto Beast predicted that XRP might skyrocket to $15 if banks around the world integrate the token into their systems.

“I used to be an XRP hater.. now I love it,” they said.

Veteran trader Peter Brandt is another example. Earlier this month, he apologized to the XRP community for his past criticism, making several bullish forecasts. Most recently, he spotted the formation of a bull flag on the asset’s price chart, indicating potential gains in the near future. 

LTC in the Spotlight

While most leading cryptocurrencies have underperformed in the past week, this is not the case with Litecoin (LTC). It is up by 12% for that timeframe, currently trading at roughly $130.

Perhaps the most important factor contributing to its rally is the US SEC’s acknowledgment of Canary Fund’s intention to launch a spot LTC exchange-traded fund (ETF). The product (if officially approved by the regulator) will enable additional options for investors to gain exposure to the asset and could positively affect the price in the long term. 

Several market observers have noted the resurgence, envisioning further gains for LTC. The X user Mac assumed the price could rise to $200, whereas JAVON MARKS set a potential target of over $350. Those curious to explore additional forecasts, please look at our article here.

BTC Price Outlook

Lastly, we will touch upon the primary cryptocurrency, which has been hovering in the wide range of $98K – $106K in the last seven days.

The local bottom occurred at the start of the business week when many other digital assets suffered losses due to the overall market decline. However, Bitcoin (BTC) witnessed a substantial recovery and touched $106,000 following Jerome Powell’s press conference after the latest FOMC meeting. As of writing these lines, it is trading at approximately $104,300.

Meanwhile, many analysts believe the asset has yet to hit new peaks during this bull run. Ali Martinez, for instance, claimed the valuation could surpass $184,000 before a potential cycle shift.