Ethereum Rival Solana Is Back—Experts Say It's No Surprise
Solana is once again the talk of crypto, and its native coin SOL is benefiting from the attention. The price of SOL is up over 9% today, hitting a 24-hour high of $44.41. Over the past 30 days, it has exploded in value by over 88%, according to CoinGecko—making it the biggest winner of all the major cryptocurrencies. And despite its association with the collapsed FTX crypto exchange and its criminally convicted founder Sam Bankman-Fried, experts say Solana’s recent rise shouldn’t come as a shoc...
Bitcoin Ordinals Trading Hits 6-Month Peak as ORDI Token Surges on Binance Listing
The market for Bitcoin Ordinals was active on Tuesday after Binance rolled out support for ORDI, the original BRC-20 token
Bitcoin Ordinals transaction volume surged to its highest levels since May on Tuesday, as about $14.7 million worth of the Bitcoin-based assets traded hands, as of this writing, according to a Dune dashboard created by the pseudonymous on-chain data analyst Domo.
Launched earlier this year, Ordinals enables the creation of NFT-like assets on the Bitcoin blockchain. The protocol lets people assign data to an individual satoshi—equal to 1/100,000,000 of a whole Bitcoin—whether that's art, profile pictures, or text.
The lion’s share of trading volume on Tuesday took place on the cryptocurrency exchange OKX, per Domo’s dashboard. The Seychelles-based exchange rolled out trading support for Ordinals in May and accounted for 6,100 or 60% of daily Ordinals transactions, as of this writing.
XRP recently surged to a three-month high and became the favored cryptocurrency in the United States. This price surge is due to increasing interest from large investors, known as "whales," challenging Binance Coin's market position. XRP may reach $1 soon.
Over the weekend, while Bitcoin struggled below $35,000, XRP continued its rally, gaining 23% in a week to reach $0.73. It's a 61.8% recovery from its August low, as per Fibonacci retracement. The Moving Average Convergence Divergence (MACD) indicates continued bullish momentum.
A bullish cross pattern has emerged as the 50-day EMA crosses the 100-day EMA, encouraging further XRP purchases.
XRP's next moves will decide its direction - breaking $0.75 resistance would support the uptrend; failing might lead to profit-securing and selling pressure. Falling below $0.7 could test support at $0.61.
Large investors have shown renewed interest in XRP, pushing it past Binance Coin in market capitalization.
XRP is now the most favored cryptocurrency in the United States, outperforming Ethereum in Google Trends data. Regulatory clarity, thanks to a ruling that XRP isn't a security, contributed to this surge.
XRP faced difficulties due to the SEC's lawsuit against Ripple in 2020, causing many exchanges to delist it. Judge Torres' ruling led to relistings and accessibility for U.S. investors.
Expectations are high for increased institutional interest in XRP in the U.S., with legal disputes largely resolved.
XRP's popularity extends to Japan due to its use in cross-border transactions by major financial institutions.
In summary, XRP's surge and newfound status in the U.S. are significant. Increased interest, regulatory clarity, and institutional potential bode well for its future. As with any investment, readers should conduct research and exercise caution.
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