The crypto market continues on a rough patch, with altcoin posting lower volumes compared to last month. This comes after the sharp price drop wiped out gains recorded in January as market confidence declined. Altcoins like XRP and Solana (SOL) saw huge outflows but stood in the green in the past 48 hours, holding on to the support after Bitcoin dipped below $98K. At the time of writing, the total crypto market cap stands at $3.2 trillion, a 1% gain today.
XRP Records 5% Weekly Gains
XRP surged 2% after two weeks in the woods following a turnaround in investor sentiment. After weekend trading, the asset’s price stood at $2.47, a nosedive from its recent high above $3. Many traders saw this as a slight improvement, considering previous lows earlier this month after altcoins saw huge exits.
XRP price increased to $2.54 following bullish hourly trading, with its market cap reclaiming $140 billion. After the previous week’s outflows, daily volumes finally rebounded 36%, soaring above $5.4 billion. In the last seven days, the asset recovered 5%, and though it trades below projections, it could be the start of an upswing.
Recently, XRP became the third largest crypto asset by market cap flipping Tether after positive a U.S. regulatory environment. Institutional investors backed XRP because the Trump administration will advance crypto, ending Biden’s war on the market. The U.S. Securities and Exchange Commission filed a lawsuit against Ripple and two executives in 2020, which directly affected the asset’s price.
It should be noted that US regulatory factors are not fully behind XRP’s growth. Institutional volume surged because of Ripple’s global partnerships. On Feb 10, the company announced a partnership with crypto firm Unicambio to facilitate payments between Portugal and Brazil.
Whales Accumulate Solana
Institutional favorite asset, Solana, fell alongside the wider market before attempting a comeback in the last 24 hours. SOL price increased 2.1% in the last 24 hours and 3% in a seven-day period. SOL exchanges hands at $196, far below an anticipated run above $350.
Trump’s inauguration pushed sentiments around the asset with a spike in defi numbers. Last week, several crypto whales bought the dip, accumulating SOL ahead of an upward rally. Institutional investors also poured $4.5 million into the asset’s funds.
