The cryptocurrency market is eagerly awaiting positive developments, as investors and traders anticipate the implementation of digital asset infrastructure by the government. After the successful launches of Bitcoin and Ethereum ETFs, the market is now expecting ETFs for Solana (SOL) and Ripple’s XRP.
With pending regulatory approvals and the CME Group preparing to launch XRP and SOL Futures ETFs in February, this could be the last opportunity to acquire these altcoins at relatively lower prices before a potential bull run.
Ripple (XRP)
XRP’s price currently stands at $3.14, recording an intraday correction of 1.29%. Despite this short-term pullback, the altcoin has delivered a Year-to-Date return of +51.39%, outperforming major cryptocurrencies. With the new SEC leadership and the potential dismissal of the Ripple vs SEC lawsuit, XRP is trading at a discount of less than 20% from its all-time high.
The MACD indicator suggests a bearish convergence, while the RSI acts as a support, indicating a mixed price sentiment. Maintaining the $3 support level could pave the way for XRP to retest the $3.50 resistance this month. However, a bearish scenario could pull the price down to around $2.70.
Solana (SOL)
Solana has seen a 2.87% drop in the last 24 hours, with a trading volume of $9.038 billion. However, the altcoin has jumped 23.11% in the past seven days and has a YTD return of 31.79%. Solana’s market capitalization is currently valued at $131.335 billion, nearing Tether’s 4th position.
The RSI continues to hover around the overbought range in the daily timeframe, while the 50/200-day EMAs maintain an upward trend, suggesting a positive outlook for the SOL price. If the bulls prevail, the SOL price could breach the $270 resistance and target the $300 level. Conversely, a bearish reversal could pull the price down to around $225.
The potential ETF listings for XRP and SOL could catalyze a bullish reversal for these altcoins, making this a crucial time for investors to consider stacking these tokens before the anticipated altcoin season.
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