XRP and Solana Continue to Rally Defying Crypto Market Consolidation
While the broader altcoin space has come under some sort of consolidation recently, XRP and Solana have continued to head northwards in a show of strength.
XRP Price on the Upmove
The XRP price has shot up by 3% in the last 24 thereby moving closer to $0.60 while taking its market cap to $31.7 billion. On-chain data shows that the recent price appreciation comes along with growing whale participation.
On-chain data provider Santiment reported that XRP has surged to $0.60, a price level not seen since August 16th. Notably, more whales have been entering the market, and the number of wallets holding at least 10,000 XRP has reached an all-time high of 277,620.
For now, the immediate resistance for XRP on the upside is $0.68. If the XRP price manages to beat this, some market analysts believe that the XRP price could rally all the way to $0.90 in the month of November 2023 itself.
On the flip side, the downside looks limited at present. CrediBULL noted that the current resistance phase for XRP doesn’t guarantee a significant price drop but rather hints at a consolidation period. Many altcoins face liquidity challenges in the crypto market, and an improvement in liquidity could lead to potential breakthroughs to higher price levels.
Solana Price Rally continues to $40
Solana has continued with its bullish momentum gaining another 7% over the last 24 hours and surging past $38 as of press time. With this, Solana has extended its weekly gains to more than 22% and monthly gains to more than 80%. On-chain data shows that the discussion rates for Solana have jumped to their 5-month highs.
As reported by Santiment, Solana has reclaimed the #7 position in the market cap rankings, experiencing a remarkable 62% surge in value during the month of October. Notably, nearly 2% of all discussions concerning the top 100 assets revolve around $SOL, and an increasing trading volume would be a positive sign for the cryptocurrency.
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