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XRP Continues to Struggle Despite the Bullish Market

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XRP

The crypto market, in general, has been seeing a rapid recovery for months now, especially when it comes to top coins. Bitcoin has already surpassed the levels it was seeing before the November 2018 market crash, with the current price of $6.852 at the time of writing.

However, the same is not true for XRP, the third largest cryptocurrency, which is still trading below its largest support. While its price did try to test the resistance at $0.312 several times in the past weeks, the coin saw a rejection each time it approached it. Combine this with the fact that XRP’s price against the USD is trading within a descending triangle, and it is easy to understand why many investors are worried.

Is XRP about to start spiraling down?

XRP is a massive coin, despite the fact that its price is low. As such, it has a major impact on the market, and if it were to go down, it is likely that it would take a large portion of the market with it. As mentioned, Bitcoin itself is advancing rapidly. However, historically, such massive uptrends often lead to just as massive potential downtrends.

As things are now, many expect it to come once BTC hits $7,000. However, many are looking for other unfortunate events that might trigger a massive sell-off. Experts have been warning that events such as a large exchange hack would likely do the trick, but as the world’s largest exchange, Binance, announced that it was hit by hackers several days ago — the prices simply ignored the event.

While this is good news, it is not the only event that might trigger a downfall, as many expect the US SEC to soon release some news, perhaps regarding the legal status of some currencies. Meanwhile, XRP’s recent actions also might act as a catalyst, as the project released 1 billion coins from escrow only recently.

In other words, the market is very, very vulnerable now, and even the slightest negative event might trigger a price drop. With that in mind, XRP is likely the first one to start falling. Despite the fact that it is the third largest coin, it was never fully accepted by the crypto community, and whenever there is a sign of weakness — the community is quick to abandon it.

XRP dropping against BTC

Considering the recent performance of its price, a large decline is expected to arrive at any moment. There were already some signs of an upcoming drop, such as XRP correction against BTC. While the coin is growing against the USD by 1.74%, it is dropping against BTC by 6.20%, which is quite a serious decline. XRP is being oversold against BTC, and it has been for weeks now. Not only that, but it was noticed that XRP is dropping massively against BTC when the prices decline, but it does not grow as much during periods of growth.

XRP continues to remain uncertain, which led to a lot of investors being confused about it, and what to do with it. Meanwhile, the questions of its legal status and potential future only add to the confusion, as the coin saw new competition in JPM coin and other similar projects. With that in mind, it is unlikely that XRP will see a sudden bullish reversal, and many expect it to continue to drop as BTC keeps growing.

While many coins aim to decouple from Bitcoin, such as Binance Coin (BNB), in XRP’s case, that means going down. This does not come as a surprise, considering that many in the crypto community see this coin as an imposter and an enemy. Even so, it spells bad news for XRP, and the coin’s future remains questionable.

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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.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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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…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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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

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Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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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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