Altcoins
Ripple XRP Mega Breakout About To Happen
All social media platforms are abuzz with a possible Ripple XRP mega breakout price by the end of the year and due to xRapid. One argument is that if XRP went to $3.82 earlier on in the year based on a rumor that Coinbase will list it, then with xRapid – which is a guarantee – the value of the digital asset could see higher levels than those seen in January.
XRP has managed to maintain levels above 30 cents after it spiked in the markets on the 18th of September. During that day, the digital asset did approximately 21% in gains in a 5-hour window of time. The digital asset rose from $0.274 to $0.33 further proving to its loyal HODLers, that good times were ahead for the digital asset.
XRP Spike due to xRapid News. Source, Coinmarketcap.com
xRapid Factor
Further doing our research as to why XRP spiked in the markets, we find that on the 17th of September, one of Ripple’s top executives hinted at xRapid going live in the next month or so. This exec. was Ripple’s Head of regulatory relations for Asia-Pacific and the Middle East at Ripple, Sagar Sarabhai and he had this to say:
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production.”
xRapid is known to utilize XRP as an instant source of liquidity when funds are being sent across borders. What happens is that xRapid uses XRP as a temporary store of value of the transaction until it reaches the receiving side, where it is instantly converted to the local currency. The genius of xRapid is that it reduces the transaction speed of cross-border payments from 2 to 3 days to 2 or 3 minutes. The banks, or remittance service providers, end up saving 40% – 70% in foreign exchange costs.
When xRapid goes live in the next month or so, XRP is 90% guaranteed to break out in the markets. The reason for not giving a 100% on that guarantee, is that we are currently in a bear market, and any FUD such as the fake news about Goldman Sachs a few weeks ago, can ruin XRP’s ride to the top.
3 Major Exchanges to Facilitate xRapid
Just a few weeks ago, the Ripple company announced that it had partnered with the three exchanges of Bittrex, Bitso, and Coins.ph to further their xRapid operations. The three exchanges operate in the United States, Mexico, and the Philippines respectively and will be used by remittance service providers, to source XRP directly from the cryptocurrency markets.
This means that as remittances start being sent using xRapid, the trade volume of XRP will definitely increase in the markets and bring the much-needed attention to the digital asset. The only way is up for the digital asset henceforth.
Ripple XRP mega breakout
One prediction that has continually appeared on Twitter, is that of $589 per XRP by the end of the year. This value was predicted by a mysterious Reddit member known as Bearableguy123 back in February. All his posts on the platform have since disappeared and so has his Twitter account. But this number has stuck in the XRP community with a good percentage believing this prediction.
What do you think of the $589 price prediction by the end of the year? Is it possible for XRP? Please tell us what you think in the comment section below.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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