Important Ripple v SEC Lawsuit Updates, Bitcoin (BTC) Price Volatility, Solana Price Predictions: Bits Recap May 9

TL;DR

BTC has been hovering between $59,000 and $65,000 in the past several days, settling around $61,700. Optimistic forecasts suggest a potential rise to $74,000 due to technical patterns and recent halving effects.
The legal conflict between Ripple and the SEC continues, focusing on whether XRP is an unregistered security.
Solana’s SOL has climbed by 12% over the past week. Analysts are bullish, foreseeing new highs in 2024 and highlighting the asset’s strong market performance.

BTC’s Price Swings

The primary cryptocurrency experienced another severe turbulence in the past several days. Last weekend, its price dropped below the $60K level, but the negative trend was replaced by a significant resurgence at the start of the week.

BTC surpassed $65,000 on May 6 before heading south again. Currently, its valuation stands at approximately $61,700 (per CoinGecko’s data), representing a 1% decline on a 24-hour scale. 

Despite the latest plunge, numerous industry participants remain optimistic that the asset is yet to reach substantial peaks. The X user Titan of Crypto observed BTC’s recent price chart to predict that a “falling wedge” might fuel a rally toward $74,000 “sooner than many expect.” Adrian Zduńczyk was bullish, too, claiming that the $70K+ level is a possible target in May.

One factor signaling that BTC’s resurgence is on the horizon is the halving that took place last month. The event, which slashed in half the rewards distributed to miners for validating blocks on the blockchain, has historically resulted in a bull run for the asset and the entire cryptocurrency market. Take a look at our dedicated video below if you are curious to learn more about it:

Ripple v SEC

The lawsuit between the two entities intensified at the end of April when the trial phase started. Both parties presented essential documents, such as letters and motions, to the relevant magistrates and now await the judge’s decision.

Recall that the legal spat between Ripple and SEC started in December 2020 and is related to XRP’s status. The regulator claimed that the company illegally raised over $1.3 billion in an unregistered securities offering by selling XRP, while the firm insists that its native token should not fall under the agency’s jurisdiction.

Most recently, there was another confrontation between the entities. As CryptoPotato reported, the SEC criticized Ripple’s upcoming stablecoin, calling it a “new unregistered crypto asset.” The financial product is yet to see the light of day and will be pegged to the American dollar.

SOL Predictions

Last but not least, we will touch upon Solana’s native cryptocurrency, which has experienced a significant revival in the past several days. SOL is up 12% on a weekly scale, briefly pumping above the $150 mark.

Analysts like Crypto Jack and Inmortal think the rally will continue in the following months, setting impressive price targets. The former admitted entering a long position on SOL, expecting it to explode to an all-time high before the end of 2024.

Inmortal described the token as “the fastest horse of the cycle” and envisioned a new peak as early as this summer.