USA – The cryptocurrency market was on a roll last week, with Bitcoin prices surging. Altcoins like XRP and Ethereum also rallied, with analysts predicting that Ripple’s token could hit $0.30 in the coming days.
Bitcoin (BTC) had a momentous week as it finally broke out of the holding pattern that had it staying at $8,000 for about two days. The leading crypto coin is at $9,120 now and is reportedly surging higher. Analysts are saying this bode well for BTC gaining more in the next few days.
Ripple’s XRP and the Ethereum (ETH) also rallied and continues to advance. The XRP closed Friday with a 3.98% rally to $0.24280. It continued its streak by going up by 2.02% on Saturday. The token would have to return to $0.2477 to provide support at the $0.2546 resistance level. Support from the broader market is also crucial if it wants to break back to the $0.25 levels.
Analysts are expecting Ripple to reach $0.30 as it finally breaks out of a falling wedge pattern that has afflicted it for seven months now. However, XRP’s anticipated rally will depend on BTC. If bitcoin doesn’t move, neither will this altcoin.
The ETH also pushed forward and enjoyed a 3.41% rally on Friday to close the day at $174.06. The token advanced once more on Saturday and rose by 2.67%. The coin had a bearish start to the day and fell to $164.92. But it found support later in the afternoon to reach $179.32.
The week also saw a US court ruling that Telegram would have to turn over their bank records to the Securities and Exchange Commission (SEC). The government watchdog had postponed the launch of the company’s Telegram Open Network (TON) until it had satisfactorily showed how it spend the $1.7 billion it raised in an ICO.
Telegram refused to give the SEC access to their records. It also alleged that they don’t have access to their records because they transferred to a new bank. Now the company has until February 26 to comply with the court order.
Two renowned personalities also made waves in crypto this past week. Rapper and entrepreneurial mogul Akon is set to develop the world’s first cryptocurrency city in Senegal. Dubbed Akon City, it will reportedly be built on 2,000 acres President Macky Sall of Senegal gave the singer.
Meanwhile, self-professed Bitcoin creator Craig Wright was in the news again. He claimed that he has proof that he is the father of Bitcoin while his lawyers told the court that a “third party” has the necessary information and keys to back up his statement.