Altcoins
XRP Price Surges Amid Landmark Court Win For Ripple Labs
XRP price skyrocketed to its highest level since March 2022 as investors reacted to the ruling on the lawsuit against Ripple Labs by the US Securities and Exchange Commission. The XRP price jumped more than 73% to an intraday high of $0.9380. The asset’s total market cap has climbed by more than 80% over the last day to $41.25 billion, surpassing BNB as the fourth-largest cryptocurrency. The total volume of XRP traded over the same period has also skyrocketed by 1,724.63%.
What’s Driving XRP?
XRP price jumped to its highest level in more than a year, driving the crypto market sentiment higher. The global crypto market cap has soared by more than 6% over the past 24 hours to $1.25 trillion, with the total crypto market volume increasing by 137%. Crypto heavyweights, Bitcoin and Ethereum, have surpassed their important resistance levels of $31,000 and $2,000, respectively. Altcoins, including Cardano, Solana, Polygon, Avalanche, and Stellar, among many others, have also edged higher.
The main catalyst behind the jump in the XRP price has been the ruling on the SEC vs Ripple lawsuit. Ripple Labs, the cryptocurrency company behind the XRP token, defeated a significant part of the Wall Street regulator’s enforcement case over the sale of the XRP token. Ripple has been battling the lawsuit for more than 3 years, since 2020.
US District Judge Analisa Torres on Thursday agreed with Ripple Lab’s argument that roughly half of its XRP sale of XRP did not violate federal investor-protection laws. The company argued that its XRP token, which is used to facilitate cross-border payments, is not a security. Judge Torres ruled that XRP is a security when only sold to institutional investors. The ruling marks a partial win for the SEC and a clear win for Ripple Labs.
XRP price jumped by more than 70% on the back of the federal ruling and is currently up by more than 130% in the year to date. The decision made on Thursday has buttressed claims by major cryptocurrency exchanges that are fighting similar allegations by the SEC. Earlier in June, the SEC filed a lawsuit against crypto bigwigs, Binance and Coinbase, for alleged securities violation. In the lawsuit, SEC deemed a slew of cryptocurrencies, including Polygon, Cardano, and Solana, as securities.
XRP Price Analysis
The daily chart shows that the XRP price has jumped to its highest level this year amid the federal judge ruling in favor of Ripple Labs. The asset has rocketed above the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. Its Relative Strength Index (RSI) is in the overbought zone at 79.
Therefore, the XRP price is likely to be short-lived. The digital asset is likely to experience a price reversal in the ensuing sessions as traders target the next important level at $0.5850. However, a breach above the resistance level of $0.8575 will invalidate this cautiously bearish thesis.
XRP Price Chart
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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