Has the bull run started? Yesterday, we reported that there are speculations that the price of Bitcoin might spike to $35k in the coming days because of the anticipated CPI. What was unpredictable was when the spike would hit. However, it’s surprising that less than 24 hours after the best crypto to buy now updates of yesterday, the price of BTC topped $31,300. Could this be the speculated rally or is this a type of Bull trap? Some experts believe that the market is witnessing a classic case of pump and dump that’s capitalizing on the XRP rally.
But, it’s too early to debunk the claims because the pump in the value of assets is happening across the board. Today’s updates of the best crypto to buy now features cryptocurrencies from different sectors of the crypto industries. The Ripple effect seems to restore hope in the crypto industry with assets gaining a double massive increase in price in the last 24 hours. The summary below provides an overview of the data across the market.
The global crypto market is responding positively to the XRP news. It is up by 6% in the last 24 hours with a value of $1.26T. Surprisingly, trading volume, right now, is a stark contrast to what it was 24 hours ago. The global trading volume has seen an increase of 125% in the last 24 hours. However, the DeFi sector seems to enjoy minimal benefit from the ripple effect. It makes up 5% of trading volume in the last 24 hours with a value of $4.02B.
Best Crypto to Buy Now
The crypto market is currently enjoying a remarkable surge that’s put the minds of investors at rest and boosted the confidence of many in the future of the cryptocurrency industry. Nonetheless, now is not the time to sit back. There are growing opportunities in crypto presales that investors can take advantage of. A good example is the ongoing Wall Street Memes presale with over $14 million fund raised so far. More details are presented in the article.
1. XRP (XRP)
XRP is the biggest gainer on the market today with a pump of 66% in the last 24 hours. Following its partial win in the ongoing legal tussle with the SEC, the price of XRP surged by almost 74% reaching $0.8875. According to CoinMarketCap updates, that’s the highest value of the asset YTD. Nonetheless, it encountered resistance at the $8 region and resettled at $0.7946, trading sideways for most of the day.
Besides price actions, the performance of the market in the last 24 hours has caused a widespread liquidation access board. For example, the spike in the price of XRP has resulted in over $290 million in liquidation in the last 24 hours. The so-called Ripple effect has forced the liquidation of over 83,000 traders who took short positions in assets like Bitcoin, XRP, and Solana.
The report shows that the largest single liquidation happened on Bitmex in an XRPUSD trade valued at $2.82M. Following the spike in value, XRP has climbed to become the fourth largest crypto asset with a trading volume increase of over 1700% in the last 24 hours. XRP market cap reached $41.75B increasing by 66% in the last 24 hours.
The trends around the XRP token are still unfolding with the bull wiping out the bears in what looks like the most intense bull run in the last 30 days. However, XRP is rightly positioned as the best crypto to buy now as its value is speculated to climb into new highs in the coming days. Moreover, Coinbase has also moved to relist XRP since the court has ruled that the token is not traded as a security.
2. Render Token (RNDR)
The ripple effect might not be the only thing happening across the crypto industry at the moment, the Elon effect is also in play. With the announcement of the xAI startup a few days ago, the crypto AI sector has seen a boost in price action. As of today, the price of RNDR soured by 2.2%, pushing the value slightly above $2. In addition, it has also recorded an 181% increase in trading volume in the last 24 hours.
The Render Network, the leading blockchain GPU network, is exploring support for AI and machine learning tasks.
The latest RNP-004 – Open Compute Clients is a proposal by @ANTBIT_OFFICIAL to leverage Render Network nodes for AI / ML workloads via the network’s API..🧵
— The Render Network (@RenderToken) July 11, 2023
The Render Network earlier this week announced a push for further advancement in its AI and machine learning. It’s establishing a partnership with ANTBIT, a platform that’s advancing the development of Artificial intelligence through clustered GPUs. The goal is to put together over a million GPUs and lead what it describes as the AI revolution.
With the partnership, the Render community has seen an optimistic future for the Network. The increasing use cases of the network’s facilities would lead to increasing demands for its services and a boost in its assets. It’s the best time to own RNDR because the asset seems underpriced for its utility.
As more use cases emerge, there’s bound to be an increase in the value of the token. What’s interesting is that the team behind the project is constantly on the move to expand the demand for its platform. At its current pace, the price might exceed the $2.5 mark before the end of the third quarter.
3. Solana (SOL)
Solana has enjoyed massive gains due to what’s now widely described as the Ripple effect. With the victory of XRP, other assets under pressure from SEC seem to enjoy the varying intensity of price rallies. Solana recorded an increase of 32% in price and over 330% in trading volume over the last 24 hours.
The increase has brought the price of the asset to $28.53, up from $21 recorded 24 hours ago. In the same vein, the Market cap of SOL as seen on CoinMarketCap spiked by almost 32%, solidifying its gains across all metrics.
Considering the charts of SOL, if the bulls mount pressure on the resistance at $28, it might be on its way to the $40 region where it will trade sideways for some time. Given that the moving averages of Solana currently show values tending towards the buying signal, it might not be long before SOL will break through the resistance. However, what’s worrisome is that the current price rally is coming against the RSI (14) reading of 83, which is in the oversold range. Solana might face increasing fluctuation as the market switches positions in the coming days.
Today, @MessariCrypto released their State of Solana Q2 2023 report, including key metrics, initiatives, and ecosystem developments over the last quarter.
— Solana (@solana) July 12, 2023
At the moment, Solana is still in the process of recovering its drained value Y2D value, which still sits at -17%. It’s best to take a medium to long-term view of the asset. Also, with its trend and the result of the Ripple legal battles, there is a high chance that the asset would see a significant boost in value in the coming months. SOL qualifies as one of the best cryptos to buy now before its price rally kicks in.
4. Optimism (OP)
OP has seen a surge in price as the token also enjoys the Ripple effect. It recorded over 246% spick in trading volume over the last 24 hours as its price climbs to $1.38 in an 11% increase. The growth in value contrasts its year-long downward trend that’s pushed its value down by 69% overall.
Despite the spike in the Price of OP, there’s a need to tread carefully to avoid what might be a bull trap in the price of OP. The Optimism network is set to unlock over 24 million tokens on the 30th of July. What it means is that there’s bound to be a massive shift in the price of the token towards the end of the month. The ripple effect that’s brought the token value to its current price might not be sufficient to hold it in the coming days. While OP is one of the best cryptos to buy now, it might not retain its gains for long as the pressure from the token release would force the asset to continue trading sideways.
5. Wall Street Memes (WSM)
Wall Street Memes may end up raising the highest presale funds in the history of crypto as the token recently surpassed $14.6 million in presale funds. The project has continued to defy all odds in its fundraising efforts.
Going against conventional ideals in the financial market is not something that investment gurus would advise. However, the Wall Street Memes community prioritizes nonconformist ideals. The movement is all about creating a community of people who are committed to mutual success and prosperity.
Right now, the price of WSM is $0.0316. In another 10 days, it would climb to $0.0319. It’s best to leverage this revolutionary token before it hits the market. The new goal is to surpass the $15.4 million fund and WSM is calling on memecoin enthusiasts and investors to rally around and make the dream a reality.
Wall Street Memes – Next Big Crypto
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