- SOL was up by nearly 10%, while XRP surged by 3% in the last 24 hours.
- Surprisingly, both tokens’ market indicators looked bearish.
The crypto market is famous for its unpredictability, and Solana [SOL] might be on the verge of pulling off another such event by flipping XRP in the coming days.
This seemed like a possibility at the time of writing, as SOL’s market capitalization was inching closer to that of XRP.
Therefore, AMBCrypto planned to take a look at both tokens’ states to check the viability of SOL entering the top 5 list.
Solana’s price is pumping fast
As the crypto market changed its dynamics, Solana was one of the leading coins to take advantage of it. According to CoinMarketCap, SOL registered double-digit growth as its value surged by nearly 10% in the last 24 hours alone.
At the time of writing, SOL was trading at $71.72.
Thanks to this recent price uptick, the token’s market cap reached over $30 billion, making it the fifth-largest crypto at press time.
Because of this, the token came one step closer to flipping XRP, which stood at the fifth spot on the list of cryptos by market cap.
Therefore, AMBCrypto took a look at SOL’s daily chart to see whether it could maintain its uptrend. As per our analysis, SOL’s Chaikin Money Flow (CMF) registered a promising uptick, increasing the chances of a continued price rise.
However, its price had touched the upper limit of the Bollinger bands at press time, while its MACD displayed a bearish crossover.
On top of that, Solana’s Relative Strength Index (RSI) registered a downtick — evidence of the token’s price getting restricted from moving further ahead.
Source: TradingView
AMBCrypto’s look at Santiment’s data also revealed that market sentiment around the token turned bearish, as seen from the massive dip in its Weighted Sentiment.
Apart from the token’s value, the blockchain’s NFT ecosystem took a blow in the last week as well. According to the latest data, SOL’s total NFT trade count plummeted sharply last week.
A similar declining trend was seen in its total NFT trade volume in the USD graph.
Source: Santiment
Can XRP maintain its lead?
Even though Solana’s price registered a nearly double-digit increase in the last 24 hours, XRP took a back seat. As per CoinMarketCap, XRP only rose by 3% over the last 24 hours.
At press time, the altcoin was trading at $0.6272, with a market cap of over $33 billion.
If SOL manages to sustain its bull rally, the possibility of it taking over XRP seems high, as their difference in market cap was only $3 billion.
Therefore, AMBCrypto took a look at XRP’s liquidation level to see what restricted the token’s performance. As per our look at Hyblock Capital’s data, XRP’s liquidation surged substantially near the $0.634 mark, as evident from the fluorescent line.
The token was not able to go above the resistance level in the recent past, as its price plummeted after touching that mark.
Source: Hyblock Capital
If the aforementioned metrics are to be considered, SOL overtaking XRP before 2023 ends seems likely. AMBCrypto thus checked XRP’s other metrics to better understand what to expect from the altcoin in the future.
Notably, XRP’s Price Volatility 1d plummeted in the last few days. Its network activity also sank, meaning that fewer new addresses were created to transfer the token.
Nonetheless, whale activity around the token remained high. Moreover, after a sharp decline, XRP’s MVRV ratio went up slightly, giving hope for a price uptick.
Source: Santiment
A quick look at XRP’s daily chart
Like SOL, AMBCrypto found that XRP’s MACD also displayed a bearish crossover. Its Bollinger Bands pointed out that the token’s price entered a less volatile zone, decreasing the chances of an unprecedented surge in the near term.
Read Ripple’s [XRP] Price Prediction 2023-24
The token’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) chose to move sideways. Wherever such developments happen, they hint at quite a few slow-moving days.
Taking into consideration all of the above metrics, it will be intriguing to note which token becomes the fifth-largest crypto by the end of 2023.
Source: TradingView
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