Altcoins

XRP Price is on a Bullish Trajectory: How High Can XRP Jump?

Published

6 months ago

October 23, 2023

Crispus

XRP price has been among the best performers in the cryptocurrency market in recent days amid relief for Ripple Labs and broader market sentiment. The altcoin has jumped by nearly 10% over the past week, while its year-to-date price remains 57.57%. XRP’s total market cap has increased by 7.85% over the last day to $28.57 billion, ranking the asset 5^th after Binance Coin. Additionally, the total volume of the digital asset traded over the same period has jumped by 137%.

Relief for Ripple

XRP price has been in the green for three consecutive days, breaking above the now-bullish support zone at $0.5290. The key catalyst behind XRP’s recovery is the SEC’s move to drop its lawsuit against two Ripple Labs executives. According to a court filing in New York last week on Thursday, the US Securities and Exchange Commission dropped its claims against Ripple Chief Executive Brad Garlinghouse and co-founder Chris Larsen.

In the court papers, the agency indicated that it was dropping its claims that the two Ripple Labs executives aided and abetted the sale of the XRP cryptocurrency which a judge found amounted to unregistered sales of securities. The Wall Street regulator accused Ripple of illegally acquiring more than $1.3 billion in an unregistered securities offering by selling XRP in December 2020.

US District Judge Analisa Torres granted Ripple Labs a landmark court win in the case in July, ruling that XRP was only considered a security when solely sold to institutional investors. Judge Torres subsequently denied SEC’s request for an appeal on the ruling. Even so, she partly ruled in the SEC’s favor, saying that the agency had shown that Ripple’s $728.9 million of XRP sales to hedge funds and other superior buyers had violated the law.

Additionally, the bullish crypto market sentiment has also buoyed the XRP price recovery. The global crypto market cap has increased by 3.50% over the past 24 hours to $1.18 trillion, while the total crypto market volume increased by more than 32%. The Crypto Dear and Greed Index has improved to a Greed level of 55, signaling an increase in risk appetite.

Notably, Bitcoin’s bullish rally has also boosted the overall crypto market sentiment. The premier cryptocurrency is hovering around its highest level since July on the back of confidence for a spot Bitcoin EFT approval. At the time of writing, the lead cryptocurrency was trading at $31,410.45.

XRP Price Analysis

The daily chart shows that the XRP price has been on an upward trajectory for the past few days, breaking above the psychological level of $0.5000. At press time, XRP price was trading 2.43% higher at $0.5353. The asset has moved above the 50-day and 200-day exponential moving averages. Its Relative Strength Index has climbed to 62, suggesting an increase in buying pressure. The Moving Average Convergence Divergence (MACD) indicator is signaling a buy.

Consequently, the XRP price is likely to edge higher in the ensuing sessions as bulls eye the immediate resistance level at $0.5535. A move above this level might pave the way for subsequent gains to $0.600. On the flip side, a drop below the crucial support at $0.500 will invalidate my bullish thesis.

XRP Price Chart

Altcoins

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

Published

4 months ago

December 27, 2023

Crispus

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…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

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 5^th 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…

Altcoins

Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

Published

5 months ago

December 1, 2023

Crispus

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 6^th 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,…