XRP Price Maintains Bullish Momentum

XRP price has initiated a significant upward move, surpassing the $1.50 zone and trading above its 100-hourly Simple Moving Average. After breaking above a declining channel with resistance at $1.5250, XRP corrected some gains but found strong support near the $1.50 level. Bulls remain active, pushing the price beyond $1.550 and even reaching a high of $1.6068. Key resistance levels are identified at $1.5550, $1.580, and potentially $1.60, with further gains aiming for $1.6250 and $1.650. Technical indicators like the Hourly MACD and RSI are in the bullish zone, reinforcing the positive outlook for XRP. However, failure to clear the $1.60 resistance could lead to a decline towards $1.520 and $1.50.

Citigroup Lowers Bitcoin and Ethereum Forecasts Amid Regulatory Uncertainty

Despite recent price resurgences, Bitcoin (BTC) and Ethereum (ETH) are not expected to reach new all-time highs this year, according to Citigroup analysts. The firm has revised its 12-month price target for Bitcoin down from $143,000 to $112,000, and for Ethereum from $4,304 to $3,175. This downward adjustment reflects concerns over the slow legislative progress in the United States, which is seen as crucial for driving increased demand from institutional investors and exchange-traded funds (ETFs). Strategists emphasize that regulatory catalysts are vital for adoption, but the opportunity for significant U.S. legislative action this year is diminishing, especially with upcoming mid-term elections. While a bullish scenario could see BTC reach $165,000 and ETH $4,488, a recessionary climate could push Bitcoin as low as $58,000 and Ethereum to $1,198. Bitcoin is expected to trade within a range, with $70,000 acting as a significant price point, as the market awaits developments in the legislative arena concerning crypto regulation, including the CLARITY Act and discussions around DeFi and investor protections.