Important Ripple (XRP) Developments, Bitcoin (BTC) Volatility, Solana (SOL) Rollercoaster: Bits Recap Nov 17
TL;DR
- Bitcoin’s Fluctuations: Bitcoin (BTC) experienced volatility, oscillating between $35,000 and $38,000, influenced by US SEC actions on crypto ETFs. Despite a recent drop, BTC has surged over 120% since the year’s start.
- Ripple and XRP Updates: Ripple is progressing in its SEC lawsuit, with significant partial court victories. XRP has been relisted on CEX.io and other exchanges, maintaining its prominence in the crypto sector.
- Solana’s (SOL) Price Increase: Solana’s SOL saw a substantial rise, peaking near $70, a 170% monthly gain, fueled by the crypto market’s upswing and institutional interest, including Coinbase’s listing of SOL futures.
BTC’s Price Swings
Bitcoin (BTC) has experienced enhanced volatility in the past few days, with its valuation hovering between $35,000 and $38,000. It reached its peak yesterday (November 16) following the US SEC’s latest delay on certain crypto ETFs.
Specifically, America’s securities regulator postponed action on Grayscale’s application to introduce an Ether futures ETF and Hashdex’s intention to convert its existing Bitcoin futures ETF into a spot fund.
And while the primary digital asset and almost the entire market were flashing green, it all changed several hours ago when BTC plunged by 5% to approximately $35,500. It later managed to reclaim some ground, climbing to its current level of around $36,500 (per CoinGecko’s data).
Despite the considerable ups and downs, BTC has performed quite well since the beginning of the year. Its price has surged by over 120%, with numerous experts predicting a further rally in the following months based on bullish factors such as the upcoming halving.
Those curious to check some of the top predictions coming from prominent figures could do so in the dedicated video below:
What’s New Around Ripple (XRP)
Ripple and its native token – XRP – remain a top-trending topic in the world of crypto, mainly due to the never-ending saga with the US SEC. Most recently, Judge Analisa Torres set a schedule for remedies-related discovery and briefing. Both organizations are required to complete the necessary procedures before February 12, 2024.
Ripple appears to have the upper hand in the legal battle against its enemy, having won three partial court wins so far. The grand trial between the entities in the spring of 2024 should determine the outcome of the lawsuit and possibly resonate across the entire cryptocurrency space.
Besides the aforementioned update, XRP was relisted on CEX.io, one of the oldest cryptocurrency exchanges. Many other trading venues, including Kraken and Coinbase, have also added support for Ripple’s coin following the company’s successful campaign against the SEC.
SOL Pulls Away After a Massive Rally
Last but not least, we will touch upon Solana’s native cryptocurrency – SOL – and its impressive price performance lately. On November 16, it spiked to almost $70, a mark unseen since May 2022. The token charted a whopping 170% gain on a monthly basis before entering into a correction in the past few hours.
Currently, SOL is worth around $60, and it will be interesting to follow whether bulls would step in again and trigger another uptrend for the asset in the following days.
Some of the main factors contributing to the coin’s rally might have been the recent green wave in the entire crypto market, the increasing interest from institutional investors, Coinbase’s decision to list SOL perpetual futures and others.
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