Explore how the Solana Meme Frenzy and XRP meme coins are driving the start of the altcoin season 2024, fueling growth and investor interest in the Crypto market. The curiosity of Crypto traders was piqued by Ripple’s (XRP) 400% gain and Solana’s (SOL) 40% gain in the past 30 days. When Bitcoin’s (BTC) supremacy begins to wane, a 90-day period known as the altcoin season begins, during which altcoins routinely outperform BTC.
A new season of altcoins has begun, thanks to XRPLedger meme currencies like XRP God Candle (XGC), XRP Army (ARMY), The Dark Side of XRPL (VADER), Bull (BULL), and Solana meme coins including Dogwifhat (WIF), Bonk (BONK), Popcat (POPCAT), Peanut the Squirrel (PNUT), and Cat in a Dogs World (MEW).
XRP And Solana Meme Currencies
Over the past week, XRP and Solana meme coins have become more well-known. The decentralized exchange platform Magnetic X has locked the value of recently released meme currencies on the XRPLedger between 79,000 and 146,000 XRP. According to CoinGecko data, the market capitalization of all coins headquartered in Solana surpassed $20.42 billion on Wednesday. Sentiment notes the significant increase in volume this week as meme coins increase activity in the Solana and XRP ecosystems. The figure below shows that the total number of XRP holders increased by around 1.5% over the previous 30 days, indicating steady growth in the metric.
Predict XRP Pricing
Before price discovery begins, the price of XRP may return to its top of $3.40 in January 2018. XRP’s rise from the November low of $0.5046 to the December 3 peak of $2.9444 is a price discovery objective. XRP is currently 33.33% below its peak from January 2018. The price discovery goal for XRP this cycle is $4.4523, established by the rally’s 161.80% Fibonacci retracement. A bullish thesis is supported by the Moving Average Convergence Divergence (MACD) indicator, which flashes green histogram bars above the neutral line.
The overvaluation of XRP is indicated by the Relative Strength Index (RSI), which traders interpret as a sell signal. XRP traders should wait for any indication of a correction in the altcoin before expanding their holdings. The 50% Fibonacci retracement at $1.7245 can support the altcoin if XRP experiences a pullback.
Predicted Solana Price
Solana may find support between the 61.8% and 50% Fibonacci retracement from $110 to $264.39, its all-time high. The important support levels are $205.41 and $187.20. Technical indicators imply Solana will fix it shortly. MACD flashes red histogram bars under neutral when RSI falls. For trend reversals, traders must watch momentum indicators. After consolidation, Solana may enter price discovery and rebound to $359.80, the 161.80% Fibonacci retracement line. At 0.80, XRP matches Bitcoin and 0.99 Solana. A Bitcoin downturn might damage both cryptocurrencies that are connected. Bitcoin’s rise to $100,000 and beyond may affect both cryptocurrencies’ prices.
Also Read: Bitcoin as Reserve Currency Criticism Potential and Challenges
In Summary
Altcoin season, when altcoins outperform Bitcoin, has risen Ripple (XRP) and Solana (SOL) by 400% and 40% in 30 days. XRP Both ecosystems have more God Candle (XGC) and Dogwifhat (WIF) meme currencies. Magnetic X holds meme currencies, and Solana is worth $20.42 billion. With significant open interest and good financing rates, XRP and Solana are gaining because of market activity and investor trust.
Institutional investment boosts prices and liquidity. XRP may reach 2018 highs between $3.40 and $4.45, fueled by the Solana Meme Frenzy. Overvaluation warns traders. Solana may consolidate before $359.80, with $205.41 and $187.20 support. The research anticipates Bitcoin price changes will affect XRP, Solana, and Bitcoin. Bitcoin’s ups and downs may benefit or hurt.
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