Key Insights
- •Solana price and XRP saw a massive jump amid institutional interest in ETFs.
- •The Senate voted 60-40 to advance a funding bill to end the government shutdown.
- •Analysts such as Ali Martinez predicted an XRP and Solana price rally.
XRP skyrocketed by over 12% and Solana price witnessed a 6% upside momentum today. Here are three reasons why these top altcoins are rocketing and a massive rally is likely in play.
Institutional Investors’ Interest in XRP and Solana
The Digital Asset Fund Flows report by CoinShares on November 10 indicated that inflows into Solana (SOL) and Ripple’s XRP coin continued for another week.
SOL saw $118.4 million in inflow amid continued institutional capital flows in SOL ETFs. Bitwise Solana Staking ETF (BSOL) and Grayscale Solana ETF (GSOL) in total recorded $336 million in inflows in just two weeks.
As per the report, Solana funds’ assets under management (AuM) surpassed $4.044 billion amid massive institutional interest despite the recent crypto market crash.
Meanwhile, XRP saw $28.2 million in inflows last week in anticipation of XRP ETF approval. Huge trading volumes were recorded in XRP, indicating interest among crypto traders.
Canary Capital XRP ETF is expected to launch this week, with 21Shares, Bitwise, and Grayscale, among others, to follow.
Crypto asset funds recorded a second consecutive week of outflows worth $1.17 billion. Bitcoin and Ethereum faced heavy outflows of $932 million and $438 million, respectively.
This was driven by post-liquidity cascade volatility and uncertainty over the Fed rate cut in December.
US Government Shutdown Ending This Week
Another reason behind the significant rise in Solana price and XRP high expectations is the prolonged US government shutdown finally ending this week.
Bipartisan agreement between Democrats and Republicans resulted in the Senate voting 60-40 to advance a funding bill for ending the government shutdown.
The House votes Wednesday on a funding bill to pave the way for ending the longest-ever government shutdown, following 14 unsuccessful attempts.
ETF Institute president Nate Geraci said the end of the US government shutdown will open floodgates for crypto ETFs approval. He added that the crypto community will see the first spot XRP ETF under the 1933 Act getting approved this week.
Analysts Predict Solana Price and XRP Rally
Whales sold XRP and Solana last week amid uncertainty, but analysts shared indicators suggesting buying the dip.
Crypto analyst Ali Martinez pointed out that TD Sequential flashed a buy signal for XRP. Ripple coin jumped nearly 18% in just two days, with further upside anticipated.
Also, XRP is forming a bullish flag in the monthly timeframe. He predicted a dip to $1.90 could trigger a rally toward $10.
XRP price surged 12% in the past 24 hours, trading at $2.52 at the time of writing. The 24-hour low and high were $2.27 and $2.57, respectively.
Furthermore, trading volume saw a 110% increase in the last 24 hours, indicating massive interest among traders.
In addition, Ali Martinez shared Solana UTXO Realized Price of $147.49 as the most important support level. Solana price can rally towards $200 easily, with TD Sequential flashing a buy signal.
Solana price climbed 6% to $167.68 over the last 24 hours. The intraday low and high were $159.11 and $169.44, respectively.
Trading volume boosted by 68% in the last 24 hours, indicating a huge rise in interest among traders. Coinglass data showed derivatives trades are also buying the dip, with total futures open interest up almost 5% to $7.86 billion.