XRP and Solana Lead Profit-Taking Amid Crypto Majors' Recovery
Crypto/Markets
 Trade Crypto on eToro

XRP and Solana Lead Profit-Taking Amid Crypto Majors' Recovery

Bitcoin remains below its all-time high, but crypto investors are capitalizing on recent gains as optimism persists in the market.

Key Highlights:

  • Bitcoin is trading near $107,000 as investors take profits, even with favorable economic data.
  • XRP fell over 4% and Solana dropped 3% as they reassessed previous gains, while other major cryptocurrencies faced minor losses.
  • Market optimism is buoyed by decreasing inflation, improved geopolitical dynamics, and positive regulatory changes in Asia.

Bitcoin has been fluctuating around $107,025.23. While trading, investors are realizing profits in key assets like XRP ($2.1001) and Solana ($143.17) despite favorable macroeconomic conditions.

Key Observations:

  • XRP’s recent decline indicates a 4% drop, while Solana retraced to $140.
  • Major cryptocurrencies like BNB, Dogecoin, Cardano, and Ethereum have also faced less than 2% losses.

Profit

The slight drop follows an overall positive week for major cryptocurrencies, supported by cooling inflation metrics and diminished geopolitical tensions.

“We believe that conditions are favorable for Bitcoin to exceed its previous peak of around $112,000,” said Jeff Mei, COO at BTSE. “This especially holds as the Iran-Israel conflict appears to have stabilized for now.”
“Inflation fears easing together with anticipated reductions in tariffs are creating pressure on Fed Chairman Powell, possibly leading to rate cuts sooner than expected,” Mei elaborated.

This commentary comes as markets, both traditional and crypto, interpret signals of reduced macroeconomic strain. The S&P 500 recently attained a new weekly high, and crypto ETF inflows remain robust, suggesting enhancing institutional participation.

In a related note, regulatory discussions in Hong Kong signify a focused approach to accommodate digital assets, providing a structured framework for stablecoin issuers and tokenization sectors.

Read more: Hong Kong Sets Out Plan to Regulate Crypto, Encourage Tokenization

Next article

Asian Banks Embrace Stablecoins to Combat Deposit Flight

Newsletter

Get the most talked about stories directly in your inbox

Every week we share the most relevant news in tech, culture, and entertainment. Join our community.

Your privacy is important to us. We promise not to send you spam!