The cryptocurrency market is experiencing significant movements in altcoins XRP and DOGE as the U.S. Securities and Exchange Commission (SEC) acknowledges spot ETF applications for these tokens.
The cryptocurrency market has seen significant movements in altcoins XRP and DOGE as the U.S. Securities and Exchange Commission (SEC) acknowledged spot ETF applications for these tokens.
Ripple is a real-time gross settlement system (RTGS) developed by Ripple Labs, which allows for the transfer of money in any currency, in real time.
XRP, or Ripple's native cryptocurrency, facilitates these transactions.
Launched in 2012 , XRP has become one of the most widely used cryptocurrencies globally.
It is known for its fast transaction processing speed and low fees compared to other cryptocurrencies.
With over 200 financial institutions partnering with Ripple, XRP plays a significant role in global cross-border payments.
According to recent updates from the SEC, Grasycale’s filings for XRP and dogecoin (DOGE) spot ETFs have been accepted, setting off a 240-day deadline for review and decision. This development has contributed to the surge in prices of these altcoins, with XRP trading at $2.73, up 10% on a 24-hour basis, and DOGE trading 4% higher.
The altcoin price surge refers to a significant increase in value of alternative cryptocurrencies, excluding Bitcoin.
This phenomenon is often attributed to market speculation, hype, and investor interest in emerging assets.
According to data from CoinMarketCap, the total market capitalization of altcoins has grown exponentially since 2020, with some tokens experiencing price increases of over 10,000%.
Factors contributing to this surge include advancements in blockchain technology, increased adoption by institutions, and regulatory clarity.
The potential approval of XRP and DOGE spot ETFs would make it easier for institutions to take exposure to these coins without directly purchasing and storing them, enhancing market liquidity and boosting demand for these tokens.
JUP Token Cheers Buyback Plan
Meanwhile, Jupiter‘s JUP token has also seen a significant increase in price, trading 10% higher in response to the decentralized exchange‘s plan to allocate 50% of its protocol fees toward repurchasing and locking JUP tokens for three years from Feb. 17. This move aims to reduce the token’s circulating supply and boost the platform’s sustainability.
Bitcoin Holds Steady Amid Outflows
Despite the positive developments in altcoins, Bitcoin (BTC) has continued to trade lackluster, around $97,000 amid continued outflows from U.S.-listed spot exchange-traded funds (ETFs). The 11 spot BTC ETFs listed in the U.S. have witnessed a cumulative net outflow of $650 million this week.
However, analysts remain bullish on Bitcoin’s prospects, citing its resilience in the face of high inflation and improving regulatory clarity. ‘Given Bitcoin’s resilience in the face of high inflation and improving regulatory clarity, this accumulation phase may lead to a strong rally in the coming weeks,’ said Valentin Fournier, analyst at BRN.
Bitcoin's price volatility stems from its decentralized nature and limited supply.
Analysts use technical indicators, such as moving averages and relative strength index (RSI), to forecast prices.
Fundamental analysis, including market sentiment and adoption rates, also influences predictions.
Historical data shows that Bitcoin's price tends to follow a cyclical pattern, with periods of growth followed by corrections.
Experts caution against making precise predictions due to the cryptocurrency's inherent unpredictability.
Regulatory Clarity and Alt-Season
The recent wave of filings for altcoins ETFs, including Solana‘s SOL and Litecoin (LTC), indicates expectations for accelerated integration of cryptocurrencies into mainstream finance. Potential approval of XRP and DOGE spot ETFs could set the stage for an alt-season later this year, injecting liquidity and expanding institutional access to these coins.
As digital assets show slight upward momentum, supported by positive regulatory signals and easing trade tensions, investors remain optimistic about the prospects of these tokens. With the SEC‘s acknowledgement of ETF filings and JUP token buyback plan, it remains to be seen how these developments will shape the cryptocurrency market in the coming weeks and months.
