Cryptocurrencies Bounce Back: Ethereum, Solana, Ripple Recover in Market
In the dynamic world of cryptocurrencies, several significant developments have caught the attention of investors.
Thumzup Media, a company associated with Trump's investment network, has announced its crypto treasury will expand beyond Bitcoin to include XRP. This move comes as institutional interest in Solana continues to grow. DeFi Development Corp., for instance, has recently added 196,141 SOL worth $40 million, pushing its total holdings above 2 million SOL. This surge in Solana (SOL) has been gradual, with the digital asset gradually climbing out of bearish territory, posting a 26.3% gain on the 30-day chart and reaching an intraday peak of $208.
However, the total value of Solana held by corporate treasuries now exceeds 8.28 million SOL, with the three largest holders - DeFi Development Corp., Upexi, and Sol Strategies - controlling more than 70% of that corporate total.
Meanwhile, Ripple's XRP (XRP) has shown mixed signals, oscillating between $2.73 and $2.90. Despite this volatility, a breakout above the 50-SMA at $3.08 for XRP could open the door for a rally toward XRP's yearly high of $3.65. Interestingly, exchange reserves of XRP are shrinking rapidly, with Coinbase's XRP reserves dropping from 970 million in June to 165 million this week.
On the other hand, Ethereum ETFs have extended their losing streak for the third straight day, with $38 million in losses. Companies that have submitted potential Ethereum ETF applications currently under review by US regulators include BlackRock, Invesco, Ark, Fidelity, VanEck, and Franklin Templeton. VanEck’s decision date is May 23, 2024, while Bitwise Asset Management has filed a preliminary application for a Chainlink ETF but is also active in the crypto ETF space.
These developments underscore the ongoing dynamism in the cryptocurrency market, with investors keeping a close eye on trends and developments to make informed decisions. As always, it's essential to approach investments with caution and a thorough understanding of the risks involved.
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