Today, December 3, several cryptocurrencies experienced price increases, leading many to speculate that altcoin season may have arrived. According to CoinGecko, all of the highlighted altcoins saw upward price movement.
Whether it’s whale activity or increased trading volume, these altcoins are dominating the crypto conversation today. The top three altcoins in the spotlight include Ripple (XRP), Sun token (SUN), and Ondo (ONDO).
Ripple (XRP)
XRP’s inclusion among today’s altcoins is due to its performance over the past few weeks. In the past 30 days, XRP’s price has increased by 431% and has become the third most valuable cryptocurrency by market cap.
This increase can be attributed to whale accumulation, multiple applications for XRP ETFs, and retail interest in the altcoin. At the time of this post, the price of XRP is at $2.67, the highest level since 2018.
From a technical perspective, XRP’s Relative Strength Index (RSI) reached 91.47, indicating strong momentum. The RSI helps determine whether an asset is overbought or oversold.
Ripple Daily Analysis. Source: TradingView
When the RSI reading exceeds 70.00, the asset is considered overbought. On the other hand, an RSI below 30.00 suggests that it is oversold. Given that XRP’s RSI is above 70, the token is in overbought territory, suggesting a possible pullback to around $1.79.
On the other hand, if buying pressure continues to rise for XRP, the uptrend could continue, and a rally to $3 could be possible.
Sun Token (SUN)
Sun, the first memecoin developed on the Tron blockchain, is currently one of the altcoins in the spotlight due to its price action. In the last 24 hours, SUN’s price has increased by 14.50% while its trading volume has increased by 50%, indicating significant interest in the token.
On the daily chart, the Parabolic Stop-and-Reverse (SAR) indicator is positioned below the Sun Token (SUN) price, suggesting strong support.
The SAR helps identify potential trend reversals by placing dotted lines above or below the price. When the lines are below the price, they indicate strong support, and when they are above, they indicate resistance.
Sun Token Daily Analysis. Source: TradingView
Given the current support shown by the SAR, SUN’s price may continue to rise. If this trend continues, the token could reach $0.045 in the near term. However, if SUN fails to break the $0.030 resistance level, it could face a decline, potentially dropping to $0.016.
Ondo (ONDO)
Just like XRP and SUN, ONDO is one of the trending altcoins today due to its price increase. In the last 24 hours, ONDO price increased by 45.40% and reached a new all-time high.
This surge could be linked to the rally among tokens tied to the tokenization of Real-World Assets (RWA). From a technical perspective, the altcoin rally resulted from a reversal of a head and shoulders pattern, which initially took the price to $0.59.
Currently, the price of Ondo has risen to $1.72 with no resistance in sight. If this continues, the price of ONDO could rise to $2 within the week.
Ondo Daily Analysis. Source: TradingView
However, if crypto whales holding the token decide to sell, this may not happen. Instead, the altcoin could drop to $1.35.
The article Why XRP and two other altcoins are trending today, 12/03/2024? was first seen on BeInCrypto Brazil.
