As we reported at Kriptokoin.com , Donald Trump’s victory in the 2024 US presidential election created excitement in the crypto market. In addition, while the market awaits positive developments in Ripple’s legal fight with the SEC, major altcoins also set their sights on new highs. Especially assets such as Solana (SOL) and XRP are among those who benefited the most from this upward wave.
Technical Outlook at Solana
Solana entered an uptrend in September with support at $122. In recent weeks, the price has broken through the falling logarithmic resistance trend and tested the psychological level of $200. This development indicates that Solana may enter an uptrend parallel to Bitcoin. According to technical analysis, Solana’s Relative Strength Index (RSI) is about to exceed the level of 70. This is an indication that a parabolic rally may begin.
However, experts predict that Solana could pull back to $180 in the short term. It is also likely that the uptrend will continue after this support level is tested. However, Solana has moved into fourth place by total market capitalization, leaving Binance Coin behind.
XRP and SEC: A New Era in the Legal Fight?
Trump’s victory would open a new chapter in Ripple’s long-running lawsuit with the SEC. Legal analyst Jeremy Hogan also noted that if SEC Chairman Gary Gensler steps down, cases like Ripple and Coinbase could be resolved quickly. Hogan predicts that the new leadership will re-evaluate crypto cases and may make decisions to close cases that do not involve fraud.
These possibilities suggest that the Ripple case could result in a $125 million fine, while other firms like Coinbase are hoping their cases could be dropped entirely. Hogan noted that this process could progress significantly by the summer of 2024.
XRP Price Expectations Rise
The XRP price has already risen above $0.55 due to Trump’s crypto-friendly policies. Experts also believe that XRP will retest the $0.94 July 2023 level. It is stated that the price could rise even higher if the Ripple case is resolved. In addition, the possibility of an XRP ETF that the SEC previously rejected being approved is also exciting investors.
The crypto market expects crypto-friendly policies to be adopted more during the Trump era. These developments will allow digital assets to find a clearer place in the regulatory framework. The market has been bullish in recent days. While Bitcoin continues to rise, crypto enthusiasts say that an altcoin rally is approaching. In a possible altcoin season, we are likely to watch major rallies for these two cryptocurrencies.
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