Yahoo Finance Crypto prices: Bitcoin trades flat, XRP up
Bitcoin has been trading flat for the past week, unable break-out of a narrow range tied to the $30k mark.
In contrast, XRP has risen over 4% in the past 24 hours, after its recent favourable ruling by US district judge Analisa Torres in New York, in its case with the Securities Exchange Commission (SEC).
Bitcoin (BTC-USD) rose 0.6% in the past day to $30,200, (£23,363) as of the time of writing, according to CoinMarketCap data.
Bitcoin trades flat
The price of the world's largest digital asset by market capitalisation continues to waver around the $30,000 level. Traders are waiting for any spot Bitcoin ETF updates from the US Securities Exchange Commission (SEC).
However, attention was brought to the digital asset after US presidential candidate Robert F. Kennedy Jr's announcement he would support backing the dollar with bitcoin.
Speaking on a podcast on Wednesday, Kennedy said: "My plan would be to start very, very small, perhaps 1% of issued T-bills would be backed by hard currency, by gold, silver platinum or bitcoin. Backing dollars and US debt obligations with hard assets could help restore strength back to the dollar, rein in inflation and usher in a new era of American financial stability, peace and prosperity”
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XRP rises
XRP (XRP-USD) is up 4% in the past 42 hours. The payment token from Ripple Labs has surged over 70% over the past week, following a court ruling in favour of Ripple against the US Securities and Exchange Commission (SEC).
Read more: Crypto live prices
The court deemed XRP traded on crypto exchanges is not a security, pushing its price to $0.82, as of the time of writing. The July 13 ruling by a US federal judge saw XRP register its best performance since August 2021.
The rally saw XRP prices move above a technical analysis indicator called 'Ichimoku cloud' on the weekly chart, confirming a bullish breakout for the payment token.
With its new status, Ripple announced that banks are likely to adopt their payment system, boosting investor confidence and potentially driving XRP's price beyond its recent 70% surge.
Read more: Bitcoin and ether dip following SEC and Binance.US's temporary deal
Analyst Tolberti predicts XRP commenting on Trading View that XRP could hit $1.30 and even retest its all-time high of $3.28, implying a 4x growth from its current price. Other analysts, like Thomas Kralow, propose an $8-$10 near-term target and a long-term target of $30, which would indicate 1,100% and 3,500% gains respectively. Although it's uncertain whether banks will widely adopt XRP, its price is likely to continue growing and surpass $1 this month.
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