Altcoins
Ripple (XRP): The reversal is real
There are all sorts of times where cryptocurrency investors and traders are “faked out” by a price rally and decide that it might be time for an entry – only to find out, to their dismay, that the cryptocurrency that they entered has ended up pulling back and consolidating.
Well, one thing is for sure – Ripple’s XRP is showing a real reversal here. In the past 24 hours (on top of huge price boosts in the last couple of days); it has boasted an absolute staggering 17.8% gain, which is incredible, considering the fact that the entire cryptocurrency market has been bearish for months.
It is extremely clear now that if you were to buy in the extremely oversold months of July or August, it would have been a wise decision. Unlike other cryptocurrency projects, Ripple has some concrete partnerships with real financial institutions, but this sustained price action indicates that market confidence has indeed returned to the project, as this price action is not continuing because of any one specific catalyst.
So glad I bought more #xrp feeling on top of the ????…………..
— Lisa (@Lis_xrp) September 20, 2018
Even in the past week, the keyword researches for “XRP” and “Ripple” have increased. That isn’t surprising, considering there are executives on the team that have been teasing that a cryptocurrency-based product will be launched shortly, in as soon as several weeks.
That is excellent news, but it needs to be noted that XRP has been affected by the market adversely, so this confirmed reversal is great, but many long-term investors, though they might be breathing a little easier, are by no means relieved.
For some context, XRP dropped an astonishing 46 percent from June to July, a period during which bitcoin didn’t even fall by 10%, as it slid from $6700 to $6100.
Regardless, Ripple and its upcoming products clearly mean that institutional money will be entering the market, and it’s evident that investors and traders are pleased with the positive developments. It is obvious that this Ripple reversal is real, and time will tell just how far the price goes up.
Bitcoin is continuing to stabilize, as some believe that a solid bottom has been formed. Of course, time will tell whether this is true. Regardless, one thing is for sure – money is coming back into the market, and many expect the entire market to be mildly bullish throughout the rest of September.
The volume of the global cryptocurrency exchange market is $2 billion, more than usual, and it would appear that this means that investors and traders and placing more buy pressure on in the market.
It’s easy to see that Ripple is leading the pack, and that shouldn’t be too surprising, because of two things: it has been severely oversold for some time now, and it also has had some exciting announcements. In addition to all of this, the upcoming developments mean that this XRP price reversal might be sustained, and the only question now is where exactly Ripple’s XRP will encounter some resistance.
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. The author is long Bitcoin. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by Filip Mroz on Unsplash
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,…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
