The upcoming FOMC meeting and interest rate decision in the US are stirring up market activity. Bitcoin recently experienced a dip below $67,000, hitting $66,120 before bouncing back to $67,300. Alongside Bitcoin’s volatility, movements in some altcoins are also drawing attention. Let’s delve into the current happenings with XRP, Floki, and AVAX, which have been capturing the interest of investors.
XRP Analysis
XRP, embroiled in a prolonged legal battle between Ripple and the SEC for over three years, has been struggling to break free from the shackles of suppressed prices. The SEC’s pressure on the company, ongoing lawsuit proceedings, and the company’s substantial monthly sales have all contributed to hindering XRP from reclaiming the $1 mark. Despite a brief surge last summer following a legal victory, XRP plummeted back to around $0.50, where the upward trajectory had begun.
Recent analysis indicates that XRP is currently trading at $0.48 after a 3% decline in the past 24 hours. The market cap has dropped to $26.6 billion, while trading volume surged by 35% to $1.5 billion. There is widespread belief among company officials and the cryptocurrency community that the lawsuit might reach a conclusion this year. Furthermore, XRP, alongside Solana, is speculated to potentially join the ETF competition following Bitcoin and Ethereum.
Floki Coin Analysis
In the realm of meme coins dominated by DOGE and SHIB, FLOKI has been steadily climbing since last year. FLOKI garnered attention with burn news and purchase decisions from DWF Labs, positioning itself at the forefront of the surge alongside PEPE. Presently, FLOKI is trading at $0.0002372 after a 10% decline in the past 24 hours. Its market cap has fallen to $2.27 billion, placing it at the 45th spot in market cap rankings. The trading volume for FLOKI increased by 1% to $423 million, indicating a cautious approach from investors in terms of buying and selling.
Avax Coin Analysis
AVAX, often dubbed as an Ethereum rival alongside Solana, experienced a significant downturn in 2022 after dominating the previous bull run. Despite the setback, AVAX bounced back and secured the 12th spot in market cap rankings. Currently, AVAX is trading at $31.46 after a 2% drop in the last 24 hours. Its market cap also experienced a similar decline to $12.3 billion. The trading volume for AVAX surged by 27% to $430.9 million in the past 24 hours, signaling robust trading activity surrounding AVAX in the market.
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Disclaimer: The information presented in this article does not constitute investment advice. Investors should be mindful of the high volatility and inherent risks associated with cryptocurrencies and conduct thorough research before making any investment decisions.
