Bitcoin (BTC) Price Consolidation, Ripple (XRP) Developments, and More: Bits Recap Feb 19

TL;DR

• BTC stabilizes around $51K-$52K, with the potential for a major rally due to the upcoming halving event.
• Ripple has secured several partial court victories against the SEC in their ongoing legal battle but is still facing challenges ahead.
• Solana meme coins, such as Dogwifhat, Bonk Inu, and Myro, witnessed considerable gains, with WIF reaching an all-time high several days ago.

BTC Found Solid Ground

Following the historic approval of numerous spot Bitcoin ETFs in the United States last month, the primary cryptocurrency’s performance met the expectations of those who anticipated it to be a sell-the-news event. It experienced severe volatility, surging to almost $50,000 on the day the products launched in the States and dumping below $40,000 at the end of January.

However, bulls stepped in at the beginning of February, and BTC’s price started rising gradually. Last week, it exceeded the $50K milestone, while in the past few days, it has consolidated around the $51K-$52K level (per CoinGecko’s data), with inflows from the new exchange-traded funds being on the rise.

Many industry experts believe this might be the start of a major rally that could push BTC to a new all-time high this year. The upcoming halving in April (an event that has historically proven to be incredibly bullish) is one factor that could play a role. It will slash Bitcoin’s pre-programmed inflation in half, reducing miners’ reward for adding blocks to the network. 

Those willing to check whether the asset’s valuation could surpass the previous peak of almost $70,000 before the end of 2024 could take a look at our dedicated video below:

What’s New Around Ripple (XRP)?

The latest developments surrounding Ripple are primarily connected to the lawsuit against the US Securities and Exchange Commission (SEC). The legal battle between the two parties started more than three years ago when the regulator accused the company of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.

Ripple secured three partial court victories in 2023 and seemingly has the upper hand in the dispute. The first one occurred in July when Judge Torres determined that the firm’s programmatic sales to secondary trading platforms did not constitute offers of investment contracts.

Shortly after, the American magistrates dismissed the SEC’s wish to appeal the decision, while Ripple’s CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the watchdog.

Earlier this month, the Commission also achieved a small victory, with Judge Sarah Netburn ruling that Ripple should disclose important financial records for 2022 and 2023 (as insisted by the SEC). The grand trial between the entities is scheduled for April 23, while the next key date in the battle is February 20. The deadline marks the end of the discovery phase focused on “remedies” related to XRP sales.

Solana Meme Coins’ Resurgence

Trending meme coins that are part of Solana’s ecosystem have recently made the headlines by charting considerable gains. Dogwifhat (WIF) performed quite well during the weekend, while last week, it reached an all-time high of over $0.45. Moreover, its price is up by over 80% in the past 14 days.

Bonk Inu (BONK) and Myro (MYRO) have also been on the rise, albeit in a more modest fashion. The former has risen by 30% on a two-week basis, while the latter has soared by 13% for the same period.