Cryptocurrencies Price Prediction: Ripple, Solana & Bitcoin Cash – European Wrap 4 April
|Ripple issues USD-backed stablecoin to bring more liquidity to the XRP Ledger
Ripple (XRP) price is in a downward trend this week, hitting monthly lows at $0.5623 on Thursday, amid a broader correction in major cryptocurrency assets and as the legal battle between Ripple and the US Securities and Exchange Commission (SEC) keeps both sides confronted about what should be the status of crypto assets in financial markets.
Ripple’s Chief Legal Officer (CLO) Stuart Alderoty on Thursday called out SEC’s director Gurbir Grewal for his comments over crypto firms and their non-compliance. The director commented on the regulator’s lawsuits against cryptocurrency entities like Ripple at a two-day event by the Practicing Law Institute.
Nearly three-quarters of Solana transactions have failed throughout March amidst rising DEX volume
Solana (SOL) has seen a surge in failed transactions since March 2024. Nearly three-quarters of transactions on the SOL chain have failed, per data from Dune Analytics. While failed transactions are mostly bots, it shows the rise in “spam” on the Solana blockchain, alongside increase in usage.
Solana price climbed slightly on Thursday, up 1% to $187.63. Data from Dune Analytics shows that failed transactions on Solana are close to three-quarters of all transactions. The average is close to 75%, on April 4, the number is 73.2%, as seen in the chart below. While most of the failed transactions can be attributed to bots spamming the Solana blockchain, users may be affected if they interact with the blockchain for swaps or DEX transactions.
Bitcoin Cash price adds nearly 15% gains after halving
Bitcoin Cash (BCH), a fork of Bitcoin, completed its halving event on Thursday, marking the second mining reward halving for BCH. The asset’s price declined on Wednesday but quickly recovered and climbed nearly 15% on Thursday.
Coinglass data shows that nearly $5.3 million in derivatives positions were liquidated in the past day. This is likely attributed to the sharp correction and BCH price recovery.
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