Altcoins

XRP Price Plunges Over 18% in a Week as Bearish Sentiment Dominates Crypto Markets

Published

2 years ago

August 22, 2023

Crispus

XRP price has been in the red for the past few days against the backdrop of the global cryptocurrency market turmoil. XRP has crashed by nearly 19% over the past week and 29.50% in the month to date. Even so, the altcoin remains 52.49% higher in the year to date. The asset’s total market capitalization has crashed over the past few days to $27 billion, with the total volume of XRP traded over the last 24 hours falling by more than 24%.

Crypto Selloff

XRP price has been in a steep decline over the past few weeks after jumping to its highest level since April 2022 in July. Ripple, the cryptocurrency company behind XRP, recorded a landmark court win against the US Securities and Exchange Commission earlier in July after 3 years of struggle. The judge presiding over the case ruled that XRP was considered a security when solely sold to institutional investors. The ruling by the federal judge saw the XRP price skyrocket by nearly 80% to $0.9380. Even so, the ripple effect from the court win did not last long enough to sustain the XRP price, prompting a 39% decline since.

The cryptocurrency market has been in jitters over the past few weeks amid the decline in market sentiment and global economic uncertainty. The global cryptocurrency market cap has plunged to $1.05 trillion, while the total crypto market volume continues to increase. Last week, Bitcoin, the world’s largest cryptocurrency, posted its worst week since May, weakening the crypto market sentiment. The crypto bigwig has lost more than 11% in the past week following a report by the Wall Street Journal that Space X wrote down the value of its Bitcoin holdings and sold the cryptocurrency.

Most altcoins, including Ethereum, the largest altcoin by market cap, have been making bigger moves to the downside since then. Other altcoins such as Solana, Polygon, Cardano, Polkadot, Dogecoin, BNB, Litecoin, and Shiba Inu, among others, have shed more than 10% in value over the past week.

The Crypto Fear and Greed Index, which measures the key emotions driving the cryptocurrency market, has declined further over the same period. The current reading on the Index is 34, which means that investors are in extreme fear and are selling irrationally.

The crypto market selloff has also been intricately linked to external pressure in China. Asia has always played a big role in the cryptocurrency market, especially with Singapore and Hong Kong opening the door. However, with the global economic downturn, a bull market is unlikely.

XRP Price Technical Analysis

The daily chart shows that the XRP price has been in a steep downfall for the past few weeks, forming a descending channel shown in yellow. The digital asset has moved below the 50-day and 200-day exponential moving averages and hovers slightly below the crucial support level of $0.5290. Its Relative Strength Index (RSI) is below the signal line at 31, indicating an increase in selling pressure.

Therefore, I expect the XRP price to continue falling in the short term before an upward price reversal. The next support levels to watch will be $0.500 and $0.4545. However, a flip above the 200-day EMA at $0.5250 might give bulls some momentum to push the price higher to the 50-day EMA at $0.6020.

XRP Price Chart

Altcoins

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

Published

1 year 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

1 year 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

1 year 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,…