Bitcoin’s price reacted in a volatile manner to the CPI announcement yesterday as it went beyond $84,000, only to drop beneath $81,000 minutes later. Now, though, the asset stands above $83,000.

Many altcoins have produced even more impressive gains over the past 24 hours, while the market cap has recovered some ground to $2.8 trillion.

BTC at $83K

It was less than a week ago, last Friday when BTC’s price soared past $90,000 and tapped $91,000. However, it was quickly rejected there and tumbled back down to $86,000 ,where it sat for most of the weekend.

The landscape worsened once again at the beginning of the current business week, with a price dump to $80,000 on Monday. After a $4,000 bounce-off, the bears took control once again and pushed BTC south to its lowest level in four months, under $77,000.

The cryptocurrency finally reacted positively after this substantial crash and jumped above $80,000 on the next day. Once the US CPI data came out on Wednesday and it was better than anticipated, bitcoin soared past $84,000. However, that was short-lived, and the asset dropped by three grand almost immediately.

Nevertheless, the bulls intercepted the move and drove BTC to over $83,000, where it currently sits. Its market cap is at $1.650 trillion and its dominance over the alts has risen to 59% on CG.

PEPE on the Rise

Pepe, alongside most other meme coins, was hit very hard during the market-wide crash in the past month or so. Its price tumbled by over 50% within weeks. The past 24 hours have brought some hope to investors as the asset jumped by 16%, and it now stands above $0.0000073.

Other impressive gainers from the larger-cap alts include BNB, XLM, and AVAX. Avalanche’s native token has soared by double digits to trade above $19.

ETH, XRP, SOL, DOGE, LINK, TRX, LTC, and SUI are also in the green but in a more modest manner.

The total crypto market cap has recovered about $60 billion since yesterday’s low and is up to $2.8 trillion on CG.

TL;DR

• Reports suggest Ripple’s legal team is negotiating better terms for the $125 million penalty, with sources indicating that the case could soon be resolved.

• Attorney Fred Rispoli speculates that a resolution or significant development might occur before Ripple’s appellate brief deadline, which is scheduled for April 16.

The Case Could be Over Soon

Despite dismissing or pausing several lawsuits against crypto businesses in the past few months, the US Securities and Exchange Commission (SEC) continues to confront Ripple on the legal front.

The tussle dates back to December 2020, but lately, there has been increased speculation that its resolution might be just around the corner. 

Fox Business journalist Eleanor Terrett is the latest person to touch upon the matter. She recently revealed that two “well-placed sources” told her that the lawsuit “is in the process of wrapping up and could be over soon.”

According to her information, the delay in reaching an agreement is due to Ripple’s legal team negotiating more favorable terms regarding the $125 million penalty that Judge Torres slammed the company with last summer. 

Terrett was told that the SEC’s new leadership had been thoroughly examining the case and is now “seemingly unsure” whether the company breached any rules. Recall that Judge Torres found that Ripple’s institutional sales of XRP tokens violated federal securities laws.

“There’s no real playbook for this kind of thing which could explain why this case is taking longer to resolve than the rest. Stay tuned,” the journalist concluded.

Resolution Before That Date?

Another person who gave his two cents is Fred Rispoli. Earlier this week, the attorney assumed that a mutual agreement or some kind of a settlement might occur before April 16. This date marks Ripple’s scheduled filing of their appellate brief.

“Although there is no formal reason requiring it, it is reasonable to speculate that the SEC v. Ripple case is resolved–or at least something significant happens–before Ripple’s filing deadline of April 16, 2025. Let’s keep an eye on it…and hope,” the lawyer said.

The final outcome of the case is likely to cause huge volatility for Ripple’s native token. A ruling in the company’s favor could spark a bull run for XRP, whereas the opposite scenario might lead to a significant decline. 

Ethereum has been on a steady downtrend since mid-December. Over the past three months, it has experienced record levels of active selling, losing over 50% as its price dropped from $3,993 to the current level of under $1,900.

But there could be an opportunity for buyers.

Ethereum Hits Oversold Zone

Qiao Wang, a prominent figure in the crypto industry and founder of Alliance DAO, recently pointed out that Ethereum (ETH) is currently at a historically oversold level similar to previous major downturns.

He compared the current ETH market sentiment to key past events: the 2021 Terra collapse, the 2018 deep bear market when ETH was infamously labeled a “two-digit shitcoin,” and the aftermath of the 2016 DAO hack.

Each of these moments marked extreme pessimism yet proved to be prime buying opportunities for long-term investors. As such, Wang’s observation suggests that the current ETH price might be approaching a point of undervaluation.

“However poor the outlook is for given asset, there is a price at which it makes sense to own it. but to answer ur question, if anything, eth is still the most likely place for institutional adoption to happen.”

Along the same lines, crypto analyst “Merlijn The Trader” noted that Ethereum’s 3-year Stochastic RSI has hit oversold levels. This indicator, which measures momentum and identifies potential trend reversals, has historically signaled major buying opportunities when deeply oversold.

According to Merlijn, every previous occurrence of this signal was followed by a significant rally in the crypto asset, which suggests that a potential bullish reversal could be on the horizon.

Moreover, Ethereum has also witnessed significant whale accumulation in recent weeks. This trend may suggest that many holders see current levels as a strategic buying opportunity.

ETH Bulls Watch for Turnaround

Despite the bearish sentiment currently impacting the broader crypto market, Ethereum may find a catalyst for recovery through positive developments. For instance, the US Securities and Exchange Commission (SEC) has acknowledged Fidelity’s proposal to introduce staking within its spot Ethereum ETF (FETH), with Grayscale and 21Shares also filing for similar approvals. If granted, these changes could boost investor confidence and drive demand.

Additionally, Ethereum’s upcoming Pectra upgrade, which aims to improve user experience with improved features, is progressing steadily, having already been finalized on the Holesky and Sepolia testnets. As the mainnet launch nears, it could help reignite ETH’s price momentum.