As the effects of the 2024 elections continue to ripple, there are signs that the bull market is heading into overdrive. With Bitcoin showing signs of stabilization, many are predicting an altcoin season. This is particularly good for Ripple (XRP) and BONK, which recently got a major bump from a key market. Cutoshi ($CUTO),is another viral meme coin that is about to take advantage of these developments.
Ripple (XRP) Sees Biggest Increase In Years
In the past week, XRP has seen an impressive rally, the biggest in years, fuelled by a growth in trading volumes in key markets and a broader bull market. Over the last month, XRP has risen over 150% and is currently trading at $1.40. This is a remarkable recovery, as XRP reached its highest level since December.
Source: CoinMarketCap
Other than the bump from the crypto market rally after the US elections, XRP gained a major boost from higher trading volumes. Notably, recent reports showed that trading volumes for DOGE and XRP surpassed those for Bitcoin in South Korea, which is a key market. DOGE and XRP accounted for 30% of trading volumes on Upbit, which is unusually high for the tokens.
What is more, XRP’s technicals are very strong and analysts are optimistic about the token. Technicals for last week and month indicate a strong buy, with moving averages being particularly strong. For this reason, CoinDesk analyst Omkar Godbole expects XRP to continue its rally in the near future.
The analyst pointed out that XRP had the biggest rally in three years and is holding steady above $1. Key resistances are now at $1.26 and $1.50, he explained, echoing a similar situation in September 2021.
Bonk Hits All-Time High After Major Listing
Solana-based meme coin Bonk also experienced a huge rally. Notably, just like XRP, Bonk got a major boost from the election, but also from South Korea. On Monday, November 20, the token hit its all-time high of $0.0000569, recording its first major rally since June. Since the start of the month, Bonk more than doubled, registering a 117.37% price surge.
Source: CoinMarketCap
What’s likely behind this strong performance is BONK’s listing on a major South Korean exchange. On Monday, Upbit, the largest crypto exchange in South Korea, listed Bonk. The news is significant as South Korean exchanges are reluctant to list smaller tokens and meme coins.
신규 디지털 자산 봉크(BONK) 거래지원 안내
✅ 지원 마켓: KRW 마켓
📅 거래지원 개시 시점: 2024-11-20 12:30 예정
🔗 공지 바로가기:https://t.co/r2DhwVlJcO#Upbit#BONKpic.twitter.com/vSTAAG5cLv— Upbit Korea (@Official_Upbit) November 20, 2024
What sets Bonk apart is the fact that it is the largest meme coin on Solana, with prior partnerships with the Solana Foundation. Its position in the ecosystem suggests that it has strong potential for growth.
