XRP And Solana Prices Rise, Signing The Crypto Market Will Be Bullish?

Crypto XRP has experienced a significant increase. (Photo; Doc. Finance Monthly)

JAKARTA - The crypto asset market continues to display interesting dynamics. Although altcoins generally experience consolidation, two digital assets, XRP and Solana, are showing impressive strengthening.

The price of XRP rose by 3% in the last 24 hours, approaching the figure of $0.60 (Rp9,558). This increased its market capitalization to $31.7 billion or around Rp505 trillion. This increase was driven by the growth of whale participation in the market.

On-chain data from Santiment shows that XRP has reached a price level of $0.60 (Rp9,558), the highest level since August 16. The number of wallets that store at least 10,000 XRP has reached an all-time high of 277,620.

The current direct resistance for XRP is at the level of $0.68 (Rp10,832). If the price of XRP manages to pass this level, some market analysts believe that XRP can reach $0.90 (Rp14,337) in November 2023. However, the current resistance phase does not guarantee a significant price drop.

On the other hand, this shows the potential for a consolidation period. Increasing liquidity in the crypto market can open up breakthrough opportunities towards higher price levels.

Meanwhile, Solana has continued to show bullish power with an increase of 7% in the last 24 hours, surpassing the figure of $38 (Rp605,340). This positive momentum extends its weekly rise to more than 22% and its monthly rise to more than 80%.

On-chain data reflects a high interest in Solana. Solana managed to reclaim its 7th position in market capitalization with a 62% jump in value during October.

Data from Santiment found that discussions over Solana had reached its highest level in the past five months, with nearly 2% of all talks on top crypto assets focusing on SOL. The increase in trading volume is also a positive sign for the growth of this cryptocurrency.