The imminent FOMC meeting and interest rate decision in the US are stirring up market activity. Bitcoin’s price recently took a dip below $67,000, reaching $66,120 before bouncing back to $67,300. While Bitcoin’s price continues to be volatile, movements in certain altcoins are also drawing attention. Let’s delve into what’s happening with XRP, Floki, and AVAX, which have garnered significant interest among investors.
XRP Analysis
XRP, embroiled in a prolonged legal battle with the SEC for over three years, has been experiencing price suppression for an extended period. The pressure from the SEC and the ongoing lawsuit proceedings, coupled with the company’s monthly multi-million dollar sales, are seen as significant hurdles for the price to reach $1.
Last summer, XRP nearly touched $1 following a partial win in the lawsuit, only to retreat back to around $0.50, the level from where the ascent had begun. Recent analysis indicates that after a 3% decline in the past 24 hours, XRP is trading at $0.48. The market cap dropped to $26.6 billion following this decline, while the trading volume surged by 35% to $1.5 billion.
There is widespread belief among company officials and the cryptocurrency community that the lawsuit could potentially conclude this year. Moreover, XRP, in conjunction with Solana, might join the ETF competition after Bitcoin and Ethereum.
Floki Coin Analysis
In the world of meme coins dominated by DOGE and SHIB, FLOKI has been steadily climbing since last year. FLOKI gained attention through burn announcements and purchase decisions by DWF Labs, positioning itself at the forefront of the surge alongside PEPE.
Currently, FLOKI is trading at $0.0002372 after a 10% decrease in the past 24 hours. Its market cap decreased to $2.27 billion, placing it 45th in the market cap rankings. FLOKI’s trading volume rose by 1% to $423 million, indicating a sense of caution among investors when it comes to buying and selling.
AVAX Coin Analysis
AVAX, often touted as an Ethereum competitor alongside Solana, witnessed a sharp decline in 2022 after dominating the previous bull market. However, it managed to bounce back and secure the 12th spot in market cap rankings.
Presently, AVAX is trading at $31.46 after a 2% drop in the last 24 hours. Its market cap also saw a similar decline to $12.3 billion. The trading volume for AVAX surged by 27% to $430.9 million in the past 24 hours, indicating a high level of trading activity surrounding AVAX in the market.
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Disclaimer: The information presented in this article should not be construed as investment advice. Investors should be mindful of the high volatility and risk associated with cryptocurrencies and conduct their own research.
