Wednesday, June 19, 2024
HomeCryptocurrencyXRP and Solana (SOL) Holders Have To Take Note of This Announcement

XRP and Solana (SOL) Holders Have To Take Note of This Announcement

Binance, the largest crypto exchange by trading volume, has set off a chain reaction with its delayed launch of USDC-margined perpetual contracts for top currencies, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and XRP.

Slated for January 3, the launch was pushed back to January 4 due to recent market volatility, aiming for a smoother trading experience.

This news comes after a dramatic start to 2024. Bitcoin climbed towards $46,000, with XRP and Solana reaching highs of $0.639 and $117, respectively, on January 2. But joy turned to dismay as bears took down the market.

Read Also: SEC Sues Kraken, Calls Cardano (ADA) and Solana (SOL) Securities, XRP Not Included

The market cap of the entire crypto market dropped 7.5% as many cryptocurrencies dropped by double-digit percentages on Wednesday. This plunge was caused by a report of the SEC potentially denying all spot Bitcoin ETF applications.

With the excitement and anticipation built around the ETF approvals, the rumor caused the market to tumble in minutes.

XRP and Solana were grossly affected by the plunge. After its hard-fought battle to cross and stay above $100, SOL crashed again, hitting $96.95. XRP had a similar story, falling below $0.6 to 0.5393, shedding about $0.1 from its price.

SOL has recovered a bit, finally crossing $100 and currently trading at $102.71, up 4.45% in 24 hours. XRP has not reclaimed $0.6, trading at $0.5759, down 2% in the last 24 hours.

What’s Next for XRP and Solana (SOL)? 

So, what does this mean for XRP and Solana holders? The delayed launch of USDC-margined contracts could hold both opportunities and risks. These contracts allow traders to use stablecoins like USDC as collateral, potentially amplifying leverage and volatility.

For skilled traders, this could provide avenues for profit. However, it could exacerbate losses for others, especially in a turbulent market.

For XRP and Solana, the increased focus on USDC-margined contracts could bring greater liquidity and trading volume. But it also shows the inherent risks of a highly volatile market.

Read Also: As XRP Now In Oversold Area, Analyst States Next Resistance Level Before $1.05

<

The coming days will be crucial for XRP and Solana. With Bitcoin showing signs of regaining some ground, the market could turn bullish again. However, the uncertainty around the SEC’s stance on the Bitcoin ETF remains a concern, and the bears could regain control.

Despite this, an expert recently revealed what needs to happen for XRP ETF approval, showing that there is still hope for ETF approval soon.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles