SOL and XRP Surge 5% as Bitcoin Faces $84K Resistance
SOL and XRP prices experienced a 5% rise, leading the gains among major cryptocurrencies as Bitcoin faced resistance at the $84,000 level.
Key Highlights:
- Solana’s SOL and XRP saw a 5% increase, with SOL’s growth attributed to the conclusion of a contentious SIMD-0228 proposal that maintained its current inflation schedule.
- Ripple Labs secured a payments license in the UAE and is reported to be nearing the resolution of its lengthy legal dispute with the U.S. Securities and Exchange Commission.
- Memecoins such as PEPE, TOSHI, and DOGE showed impressive gains, signaling a shift toward higher-risk trading amid Bitcoin’s flat performance.
SOL surged by 7% following the decision delivered late Thursday, marking a significant turnout in governance history. Both XRP’s rise and a robust trading week for Ripple Labs contribute to the upward motion in the market as traders keep an eye on macroeconomic factors for indications on future positioning.
“The recent cooling in inflation strengthens the case for potential rate cuts later this year,” stated Agne Linge, head of growth at WeFi. “However, escalating geopolitical and economic tensions particularly from the ongoing trade war add complexity to the Federal Reserve’s policy trajectory.”
As Bitcoin traded within the $79K to $85K range, its volatility indicates a greater sensitivity to macroeconomic conditions, treating Bitcoin as a risk-on asset rather than a standard store of value.
