- Ripple’s partial victory against the SEC could be the catalyst that kickstarts a new-found rally for altcoins.
- Layer 1 tokens like Solana and Compound could see interest among investors, as will MATIC and other Layer 2 tokens.
- Investors are likely to see their portfolio grow if they stick to the buy-and-hold strategy as opposed to risk leverage trading.
Ripple’s win against the United States (US) Securities and Exchange Commission (SEC) caused a short-term spike in bullish momentum, which was soon followed by profit-taking, causing cryptocurrencies to pull back. But the partial win that Ripple scored could have long-term ramifications and could catalyze a larger move by the end of the weekend.
Read more:
DeFi and Layer 2 cryptocurrencies could be next to run
As explained above, the capital inflow that caused XRP and other altcoins to pump and the subsequent profits realized from the rally will be looking to head elsewhere. Observing the cryptocurrencies that are pumping could give a clue as to what is next.
Currently, the Compound platform’s COMP token is seeing a spike in buying pressure. A popular Twitter user with the screen name Hsaka tweeted that this rally could be the start of a bull rally for the Decentralized Finance (DeFi) sector.
The coin that catalyzed DeFi summer with its liquidity mining program is now trying to frontrun the prophesied end of the 3 year DeFi bear market.
— Hsaka (@HsakaTrades) July 15, 2023
Time is a flat circle. pic.twitter.com/gWa7KhkIfk
Likewise, as Ethereum’s Improvement Proposal (EIP) 4844 picks up steam, Layer 2 tokens could also see a similar influx of capital, causing a massive run-up..
Here is a quick look at COMP price, OP price and MATIC price and important levels to watch for each altcoin.
COMP/USDT 1-day chart
OP/USDT 1-day chart
MATIC/USDT 1-day chart
With the way things are on the lower timeframe, investors need to be patient and wait for a pullback over the course of next week(s) for a better level to accumulate. The attached chart can be monitored for key take-profit levels.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.