Connect with us

Altcoins

XRP Price: All Eyes are on the Supreme Court Amid the SEC vs Ripple Case

Published

on

XRP price has recorded substantial gains in the past week, jumping more than 20% over the period. The altcoin has been among the best-performing cryptocurrencies in the market. XRP’s total market capitalization currently stands at $23.2 billion, ranking it as the 6th largest cryptocurrency after USD Coin and above Cardano. The total volume of the coin traded in the past 24 hours has declined by more than 27%.

Fundamentals

XRP has experienced significant volatility in its market capitalization in recent years, reaching a peak of $140 billion in early 2018 before plunging to under $10 billion in 2019. The coin was designed to be a bridge currency, allowing seamless transactions between different currencies without the need for a traditional financial intermediary.

Even so, XRP faces stiff competition from other altcoins, particularly ones that focus on cross-border payments. Stellar Lumen (XLM) is one of the cryptocurrencies that was created to facilitate cross-border payments. Additionally, traditional financial institutions have also started creating their digital currencies and blockchain solutions, which could potentially compete with XRP.

Over the years, XRP has been adopted by several major institutions including American Express, Standard Chartered, and Santander. Ripple has also partnered with over 300 financial institutions globally to use XRP for cross-border payments. However, even with adoption, the coin still faces regulatory hurdles in several countries including the United States.

XRP price performance has been subdued over the past few years since the US Securities and Exchange Commission (SEC) lawsuit in 2020. The coin’s regulatory status has been a point of contention since its inception. The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that XRP was an unregistered security. The lawsuit has had a significant impact on the altcoin’s performance, as many cryptocurrency exchanges delisted XRP due to regulatory uncertainty.

As such, XRP’s adoption and regulatory environment remain uncertain. Even so, the altcoin has the opportunity to revolutionize cross-border payments.

XRP Price Outlook

The daily chart shows that the XRP price has made significant gains in the past week amid uncertainty about the SEC lawsuit. The digital asset has been moving along the ascending trendline, shown in yellow. The coin has managed to remain above the 50-day and 100-day moving averages, while its Relative Strength Index (RSI) moves higher. The Moving Average Convergence Divergence (MACD) indicator is in the bullish zone but hints at a limp in the bullish momentum.

Therefore, the XRP price is likely to continue to rise in the medium term. A break through the important resistance level at $0.4949 may initiate further gains. However, a drop below the crucial support level of $0.400 will invalidate the cautiously bullish thesis.

XRP Price Chart

 

 

 

 

Altcoins

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

Published

on

By

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…

Continue Reading

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

on

By

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

Continue Reading

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

on

By

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,…

Continue Reading

Trending