Bits Recap for January 31

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.