XRP and Solana Continue to Rally Defying Crypto Market Consolidation

While the broader altcoin space has seen some form of consolidation recently, XRP and Solana have continued to head north in a show of force.

XRP price on the rise

The price of On-chain data shows that the recent price appreciation is accompanied by increasing whale participation.

On-chain data provider Santiment reported that XRP has risen to $0.60, a price level not seen since August 16. Notably, more whales have been entering the market and the number of wallets containing at least 10,000 XRP has reached an all-time high of 277,620.

For now, the immediate upside resistance for XRP is $0.68. If the price of XRP manages to overcome this, some market analysts believe that the price of XRP could rise. up to $0.90 in the month of November 2023 itself.

On the other hand, the downside seems limited at present. CrediBULL noted that the current resistance phase for XRP does not guarantee a significant price drop but rather hints at a period of consolidation. Many altcoins face liquidity challenges in the cryptocurrency market, and an improvement in liquidity could lead to possible advances towards higher price levels.

Solana price rally continues to $40

Solana has continued with his bullish momentum gaining another 7% in the last 24 hours and surpassing $38 at press time. With this, Solana has expanded his weekly profits to over 22% and monthly profits to over 80%. On-chain data shows that Solana discussion rates have risen to 5-month highs.

As reported by Santiment, Solana has regained the number 7 position in the market capitalization ranking, experiencing a notable 62% increase in value during the month of October. Notably, almost 2% of all top 100 asset discussions revolve around $SOL, and increasing trading volume would be a positive sign for the cryptocurrency.

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Bhushan is a financial technology enthusiast and has a keen knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continually in the learning process and stays motivated by sharing the knowledge acquired. In his spare time he reads suspense and fiction novels and sometimes explores his culinary skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.