Connect with us

Altcoins

XRP Tron Price: Back to the Lows?

Published

6 years ago

on

The reality is that it’s not too comforting right now being an XRP or Tron price bull. While we saw the two cryptocurrencies bounce off the lows, it just doesn’t feel like we are in the clear yet. As we watch Ethereum weaken, one gets the sense that we are going down to test the lows again.

Chart courtesy of tradingview.com

XRP Price

Yesterday, almost $2.3 billion worth of Ripple exchanging hands between wallets yesterday. This is about 13% of the total XRP coins in circulation. Obviously, this size of a move has spooked the markets and we are seeing XRP sell-off on the back of this news.

Chart courtesy of tradingview.com

We believe that the biggest overhang on the XRP price has been concerns over centralization and the control by Ripple Labs and its founders. When Ripple peaked around $3.85, Ripple founder Chris Larsen saw his net worth surpass that of Facebook founder Mark Zuckerberg. This concern has been exacerbated by the fact that Coinbase has not added XRP to its coin offerings. Lastly, the Morgan Creek crypto fund did not add XRP due to concerns on their level of centralization.

While the crypto community is currently focused on the negatives affecting XRP (For those that argue this fact, guys were are in a bear market. XRP has been going down and down. The market is focused on the negatives and not the positives. Don’t shoot the messenger.), there are some positives. For one, the cost to move $2.3 billion XRP was less than a cent, which beats any transaction involving Bitcoin or fiat. Second, Ripple is continuing towards innovation and those that have a long-term view, will be well-rewarded. Each pullback should be viewed as an opportunity to accumulate a position and HODL.

Tron price

Tron has made a nice move up off the lows as a lot of positives have been happening for Tron. I know many in the Tron community are despondent over the price, but from Justin Sun’s Twitter feed, a lot is happening behind the scenes. First up, Tron just burned 670,045,551.1449388 ERC20 TRX tokens. This is roughly $16.75 million, which is no small number. Second, Justin Sun just announced the launch of Tron’s Virtual machine via his Twitter handle, saying:

Regarding the Tron price, the market looks weak again. While the market rallied off the lows, there wasn’t the moon or Lambo type moves like we witnessed earlier this year back in April and May. This move was more like a dead cat bounce. With the market weakening again, smart players should pick their spots for accumulation.

Chart courtesy of tradingview.com

Bottom line

With so many alts have raised money in ETH, a weak Ethereum price REKTs havoc on the entire altcoin market. This includes XRP and Tron. As crypto players get out of ETH and alts, they buy Bitcoin, which further depresses the altcoin market. At this point, the only course of action is to HODL. Unfortunately, it doesn’t look like this bear market is over and we will have to continue weathering the storm. As always, we will be updating our readers daily here at Global Coin Report with the latest updates and market changes.

Happy Trading~

For the latest cryptocurrency news, join our Telegram!

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. This author is long Bitcoin and Ethereum.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Related Topics:
Continue Reading
Click to comment

Altcoins

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

Published

4 months ago

on

December 27, 2023

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

4 months ago

on

December 22, 2023

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

5 months ago

on

December 1, 2023

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