According to Altcoin Buzz, Ripple’s XRP is once again under scrutiny by the U.S. Securities and Exchange Commission (SEC). However, the XRP community seems unfazed as the coin moves closer to reaching its all-time high from 2018. It’s not just XRP making a comeback – Litecoin is also gaining attention as it nears approval for its own exchange-traded fund (ETF).
Bitcoin, often seen as a market indicator, has shown signs of recovery, partly due to positive Consumer Price Index (CPI) data. The CPI rose by 2.9%, in line with expectations, while the core CPI came in slightly higher at 3.2%. This data has helped boost market sentiment, easing fears of a more negative economic outlook.
Despite its recent price surge, Bitcoin is facing resistance near the $100,000 level. Analysts at Altcoin Buzz believe that if Bitcoin can maintain stability above $98,000, it could pave the way for a breakout, especially with upcoming events like next week’s inauguration potentially influencing the market.
XRP and Litecoin Gain Momentum Amid Legal Developments and ETF Hopes
XRP’s legal battle with the SEC continues to evolve, but it hasn’t had a negative impact on the coin’s price. Ripple’s Chief Legal Officer recently described the SEC’s appeal as a rehashing of previous, unsuccessful arguments. As XRP rose to $3.18, approaching its 2018 high of $3.31, the ongoing legal drama seemed to have little effect on the coin’s momentum.
XRP’s market valuation has now surpassed that of both Disney and BlackRock, adding to the coin’s rising popularity. U.S. Representative Guy Reschenthaler also revealed that he had bought up to $155,000 worth of XRP, highlighting growing institutional interest in the cryptocurrency.
Meanwhile, Litecoin is also making waves. Its price has been climbing, especially after reports that it might soon get approval for an exchange-traded fund (ETF). Bloomberg analyst Eric Balchunas suggests that the SEC’s interactions with Litecoin’s ETF application signal that it could soon join Bitcoin and Ethereum in receiving regulatory approval.
In addition, large investors, or “whales,” have been steadily accumulating Litecoin. Since the start of the year, around 250,000 coins have been added to whale wallets, signaling growing anticipation for Litecoin’s potential future as an ETF-backed asset.
Sui, Cardano, and Trump’s Crypto Moves Drive Market Buzz
Sui, a newer cryptocurrency, has been gaining attention, particularly in Turkey. In the last month, active accounts on the network have increased by 20%, and its decentralized exchange (DEX) volume has reached $50 billion. This growth highlights the global acceptance of blockchain technology and the rising influence of new altcoins.
Cardano (ADA) is also seeing renewed interest. In the past 24 hours, whale wallets have accumulated a total of 100 million ADA. Along with XRP, Solana, and Litecoin, Grayscale’s continued investment in Cardano signals its growing potential for ETF approval.
As ADA’s price rises from $0.33 to $1, the increase has boosted investor confidence and sparked renewed discussions about Cardano’s long-term potential.
Meanwhile, Donald Trump’s portfolio has also attracted attention, revealing his holdings in Solana, Bitcoin, Ethereum, and Sui. His investments have fueled conversations about the increasing significance of cryptocurrencies among well-known figures and organizations. Notably, his World Liberty Finance project recently purchased $46.4 million worth of Ethereum, suggesting a strategy of accumulating assets while prices are low.
Analysts emphasize that overcoming key resistance levels will be crucial for sustained growth. A breakout above these levels could signal the start of a new upswing for several cryptocurrencies, potentially leading to the much-anticipated altcoin season.
Disclaimer: The content provided here is for educational purposes only and is intended to raise awareness about cryptocurrency and blockchain technology. It should not be considered as financial or investment advice. Before investing in any cryptocurrency or token, we strongly encourage you to conduct thorough research, understand the associated risks, and make informed decisions (DYOR – Do Your Own Research). For detailed guidance, consult a qualified financial advisor.
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