Following former President Donald Trump’s anticipated 2024 election bid, excitement has stirred in the crypto market, especially around Solana (SOL) and XRP. With positive developments expected in Ripple’s ongoing legal battle with the SEC, major altcoins are eyeing new peaks as investors prepare for potential gains. The Bit Journal examines the bullish momentum and potential implications for these digital assets.
Solana’s Technical Outlook
Since bouncing from the $122 level in September, Solana has entered a strong uptrend. Recently, it broke past a descending logarithmic resistance, testing the psychological $200 level. This breakout hints at a possible parallel rally alongside Bitcoin. Technical analysis indicates Solana’s Relative Strength Index (RSI) approaching 70, signaling the start of a parabolic run.
Despite the bullish outlook, analysts caution that Solana might pull back to around $180 in the short term. Once this support level is tested, the uptrend could resume. With its recent performance, Solana has claimed the fourth-largest market cap position, surpassing Binance Coin.
XRP and the SEC: A New Chapter?
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Trump’s win could usher in a fresh phase in Ripple’s prolonged legal battle with the SEC. Legal analyst Jeremy Hogan suggests that if SEC Chair Gary Gensler steps down, cases involving Ripple and Coinbase may see swift resolutions. Hogan predicts that new SEC leadership may reassess existing crypto cases, dismissing those without clear evidence of fraud.
This shift could see Ripple’s case settled for approximately $125 million, with Coinbase hopeful for a case dismissal. Hogan believes significant progress could unfold by summer 2024.
XRP Price Outlook: A Bullish Future?
With Trump’s crypto-friendly policies in play, XRP’s price has already surpassed $0.55. Analysts expect XRP to potentially revisit the July 2023 high of $0.94 if Ripple’s legal matters are resolved favorably. Furthermore, speculation surrounding the approval of an XRP ETF previously rejected by the SEC has generated excitement among investors.
Bold XRP Price Prediction: $95 in the Long Term?
The crypto sector anticipates a regulatory environment more supportive of digital assets under a Trump presidency. Such developments could bring greater clarity to the regulatory framework for cryptocurrencies. While Bitcoin continues its ascent, crypto enthusiasts believe an altcoin rally is on the horizon, with Solana and XRP positioned to be top performers.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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