In the coming months, the altcoin market may be led by XRP and Solana. This view was shared with ForkLog by Bitget’s chief analyst Ryan Lee and IT consultant Roman Nekrasov.
The experts linked the potential growth to progress in regulatory matters, ETF prospects, and active ecosystem development.
XRP Forecast
Amid a general downturn in the crypto market, Ripple’s coin also faced a correction to $2.72 and selling by large holders.
“Recently, XRP has faced significant challenges. After a surge due to regulatory victories and growing interest in ETFs, the token began to retreat: whales offloaded hundreds of millions of XRP, and price pressure pushed the asset below the 50-day moving average, to $2.72,” noted Lee.
However, technical indicators suggest an imminent recovery. According to Bitget’s chief analyst, the asset’s price could soon reach $3.10. If key resistance levels are surpassed, the target will be $4.
At the time of writing, XRP is trading at $2.8.
What Lies Ahead for Solana?
Lee anticipates a similar scenario for Solana. The coin could benefit from activity in the DeFi sector, which supports open interest and TVL. The latter is estimated at $10.51 billion, according to DeFi Llama.
“If SOL holds above $180 and breaks through $205, analysts predict the next growth phase to $250-260 amid strong ecosystem development and positive metrics,” explained the expert.
At the time of writing, Solana’s price is $179.
A Cautious Approach
Nekrasov offered a more restrained assessment of XRP and Solana’s prospects. In his view, growth potential is directly tied to macroeconomic conditions.
“Institutional investors form the main demand, but their strategy is linked to the monetary policy of the Fed,” he said.
However, the expert emphasized that these two coins stand out among altcoins due to a combination of regulatory clarity, real utility, and robust ecosystems.
“If the market receives a more favorable signal from the Fed, institutional investors will primarily strengthen positions in projects like XRP and Solana,” he explained.
The recent crypto market correction is linked to the release of the minutes from the Fed’s July meeting. Only two members of the FOMC — Christopher Waller and Michelle Bowman — advocated for a 25 basis point rate cut.
The market reacted negatively to the news. Currently, only 69.6% of investors expect a key rate cut in September. At the beginning of August, the figure exceeded 90%.
Back in August, analysts at K33 Research warned of impending volatility in the crypto market.