Coin World News Report:
As altcoins regain momentum, the price of Bitcoin is currently around $67,770. This week is significant for Bitcoin, as there are signs that the stagnant price trend observed in the past two quarters has come to an end.
What is the prospect of Ripple (XRP)?
The U.S. Securities and Exchange Commission (SEC) has started an appeal against Ripple, and Ripple plans to respond to the Second Circuit Court within 14 days. A key focus will be the SEC’s challenge to Judge Torres’ ruling. Ripple’s team seems optimistic about the appeal, which could lead to a more in-depth review by Torres and potentially jeopardize the SEC’s partial victory.
After falling to $0.512 recently, XRP has shown signs of recovery, and market dynamics indicate short-term optimism. Factors such as the upcoming U.S. election and the expected rate cut by the Federal Reserve in November are supporting the risk market.
What is the prospect of Solana (SOL)?
Previous analysis has shown that the potential profit recovery level is low, and surpassing the $175 mark is a clear indicator. Due to improved market sentiment and response in network activity, the SOL ecosystem is expected to experience a vigorous recovery.
To sustain its upward trend, SOL needs to stay above $175 and close above $188. Achieving this goal could set a new all-time high, while a further decline in Bitcoin could push the price to the range of $138-$120.
Avalanche (AVAX)
Due to concerns and allegations of centralization against Ava Labs, as well as disclosures from former employees, AVAX is currently facing price pressure. The price of AVAX is $26.79 but has struggled to surpass $29, indicating that it could drop below $24.34 if the current weakness persists.
Bitcoin is showing signs of recovery, potentially ending the stagnant price trend.
Ripple’s appeal strategy remains confident amidst challenges from the SEC.
Solana could benefit from enhanced market sentiment, aiming for new highs.
AVAX is under scrutiny due to centralization issues, affecting its price dynamics.
Market trends indicate that some altcoins are on an upward trajectory and need to maintain key resistance levels for sustained growth. The continued development of regulatory frameworks and market conditions will be crucial in shaping future price trends.