Soaring Measures for XRP An Insight into Solanas Role

News report:
XRP price surged 3% after rejecting the key trendline support level around $0.4645 in the past 48 hours. Solana’s ETF prospects and whale activity have sparked curiosity about XRP’s relevance.
XRP has shown signs of bullish momentum in recent days. The price of XRP rebounded from the upward trendline support at $0.4645 and has surged 3% in the past 48 hours.
This support level is crucial as it has acted as both support and resistance in recent weeks. The subsequent price increase indicates that the bulls are regaining control and may be preparing for a more significant move.
The accumulation of this bullish momentum could push the XRP price to test the trendline resistance.
If XRP manages to break above this descending trendline, it could signal the end of the recent downtrend and kickstart a new phase of bullish momentum.
According to CoinMarketCap data, the price of XRP is $0.4764, up 1.55% in the past 24 hours and up 2.39% in the past 7 days. Its trading volume has surged 1.22% in the past 24 hours.
Correlation with Solana
An analysis of Hyblock Capital data by AMBCrypto reveals an interesting aspect.
Based on the correlation matrix, the correlation between XRP and SOL over the past three months is 0.44. This moderate positive correlation suggests that the price movement of XRP is influenced to some extent by the broader market trend of Solana.


Source: Hyblockcapital
Interestingly, data from whales to retail shows significant whale activity on Solana Island. The current whale-to-retail ratio for SOL is 47.80, indicating a high level of investor interest.
Due to their correlation, this whale activity could have a significant impact on the price movement of XRP.
Clearing heat map data shows a bullish inclination towards the $0.5 level. This suggests further price surges.
Solana ETF Prospects and Potential Impact
The report on Solana Exchange Traded Funds (ETFs) further boosts market sentiment.
GSR’s report predicts an impressive 8.9x appreciation if the ETF is approved. This optimistic outlook for Solana could have a significant impact on the altcoin market, potentially benefiting assets like XRP.
The prospects of a Solana ETF and its expected impact add another layer of complexity to the XRP-SOL relationship. Traders are now closely watching how the development of the Solana ecosystem affects the price trajectory of XRP.
Is your portfolio in the green? Check out the XRP profit calculator.
With strong support at $0.4645 and the ongoing accumulation of bullish momentum, the foundation is laid for further price surges towards the trendline resistance.
However, the bearish sentiment shown by liquidity prevents a complete offset of price declines.