As a seasoned researcher with years of experience in the cryptocurrency market, I have witnessed numerous ups and downs, bull runs, and bear markets. The recent Bitcoin correction below $55000 has raised concerns about an extended correction in September, but it also presents opportunities for smart investors to accumulate top altcoins like Solana (SOL) and XRP.
On a Friday, when Bitcoin‘s price fell below $55,000, worries arose about an ongoing correction in September. Even though the downward trend might scare off speculative investors, shrewd ones might take advantage of this situation to stockpile leading altcoins such as XRP and Solana.
Will Solana or XRP Prove Resilient to a Potential Market Correction?
Large-cap altcoins like XRP and Solana (SOL) are crucial for crypto investors to have a diversified portfolio. While such coins offer stable investment opportunities in the long term, they are often under the eye of regulatory authorities or witness some developments that diverge their growth potential from others. As broader market signals prolong correction in September, here are the top crypto to buy for a potential rally.
Solana
Over the past two weeks, the value of SOL, the digital currency on the Solana network, experienced a significant decrease from $162 to $127, representing a 22% drop. This price fall seems connected to a dip in Solana’s earnings and transaction volume due to reduced market enthusiasm for Memecoin. Some experts suggest that the popularity of Tron’s “Sun Pump” meme generator might have diverted users from Solana’s well-liked Pumpfun platform, potentially contributing to this downturn.
It’s worth noting that Pump.fun consistently earns a substantial daily income, ranging from $300,000 to $400,000, whereas “Sun Pump” handles only a small portion of these transactions. Given this dominance in the market, an increase in Pump.fun’s earnings could potentially reinvigorate the SOL price.
The Solana price currently trades at $127.4 and shows a market cap of $59.5 Billion.
It’s noteworthy that the number of active Solana onchain addresses has significantly surged, rising from approximately 982,500 in mid-August to over 2.75 million. This represents an impressive 180% increase, suggesting a heightened level of user interaction within the SOL network. Such engagement growth is often indicative of growing market demand.
XRP
Currently, the XRP price stands at approximately $0.53, indicating a potential continued holding pattern or consolidation, which increased by 6.5% over the past week. Since early January 2022, Ripple‘s cryptocurrency has been moving laterally without sparking the expected surge, despite the recent resolution of the SEC lawsuit.
The hesitation amongst purchasers could potentially be due to the postponement in the settlement payment of $125 million between Ripple and the Securities and Exchange Commission, leading to a question mark about the future of Ripple.
As an analyst, I’ve learned that Ripple and the Securities and Exchange Commission (SEC) have reached an agreement on a trust arrangement for monetary judgments. In this setup, if the court rules in favor of either party, 111% of the decided amount will be kept in trust. This money will be transferred to the SEC within thirty days after the appeal deadline or following the conclusion of any potential appeals. Although this doesn’t guarantee an appeal, it certainly hints at a higher probability for one due to the trust arrangement setup.
#SECvRipple Update: The likelihood of an appeal has grown, as Ripple and the SEC have reached an accord involving a trust holding more than double the monetary judgment. This sum will be handed over to the SEC either (1) 30 days following the appeal deadline or (2) upon the conclusion of the appeal. This arrangement is not indicative of… 1/2
— Fred Rispoli (@freddyriz) September 4, 2024
However, the recent data from Santiment shows renewed interest from large holders that control between 100M to 1B XRP, as accumulation spiked to 9.56B XRP. Whale buying often boosts market sentiment and is observed to coincide with the bottoming of the downtrend.
Conclusion
The momentum buyers can consider Solana for a dynamic move in the near future, while the long-term investors can keep an eye on XRP as it offers a discounted value for legal challenges.
Read More
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- USD ZAR PREDICTION
- USD PHP PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- HYDRA PREDICTION. HYDRA cryptocurrency
- MDT PREDICTION. MDT cryptocurrency
- USD VES PREDICTION
2024-09-07 16:58