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Following Bitcoin‘s surge above $35,000, many altcoins experienced a sharp increase, leading to significant movements in the cryptocurrency market. While the altcoin market entered a consolidation mode, Ripple’s XRP and Solana’s SOL continue to demonstrate their strength with upward movements.
XRP Price Surges
The price of XRP has risen by over 5% in the past 24 hours, reaching $0.60, and its market value has reached $31.7 billion. On-chain data suggests that the recent price increase in the altcoin is due to increased whale participation.
Leading on-chain data provider Santiment highlighted that XRP has reached $0.60, a price level unseen since August 16. The data shows an increase in the number of whales in the XRP market, with the number of wallet addresses holding at least 10,000 XRP reaching an all-time high of 277,620.
Currently, the closest resistance for XRP is at $0.68. If the altcoin manages to surpass this level, some market analysts believe that the XRP price could reach $0.90 in November.
The downside risk for the altcoin appears to be limited at the moment. Crypto analyst CrediBULL noted that the current resistance phase of XRP does not guarantee a significant price drop, but rather indicates a consolidation period. Many altcoins are currently facing liquidity issues in the cryptocurrency market, and an improvement in liquidity could lead to further price increases.
Solana’s Price Eyes $40
Meanwhile, Solana has continued its upward momentum, gaining over 7% in the past 24 hours and surpassing $38 at the time of writing. With this rise, SOL has achieved over 22% gains in the past 7 days and over 80% gains in the past month. On-chain data shows that the discussion rate on social media platforms regarding Solana has reached the highest levels in the past 5 months.
As reported by Santiment, Solana regained its 7th position in terms of market capitalization with a notable 62% increase in October. Specifically, around 2% of all discussions related to the top 100 cryptocurrencies revolve around SOL, and the increasing trading volume serves as a positive sign for the altcoin.
