Amid Rising Crypto Buying Pressure, XRP and LTC Emerge as Top Altcoins to Buy This Week
- 王林Original
- 2024-07-17 05:11:50692browse
Amid a roller coaster of emotions in the recent past, the crypto market has entered a fresh new phase of bullish speculations.
The crypto market experienced a surge in buying pressure on Tuesday, as indicated by the minting of 1 billion USDT by stablecoins issuer Tether on the Tron network.
This development comes amid heightened bullish speculations, with the Bitcoin (BTC) fear and greed index surging to 65 percent, indicating crowd greed and a fear of missing out (FOMO).
Top Altcoins to Buy This Week
XRP Price
Anticipation surrounding a potential settlement in the ongoing lawsuit between the U.S. SEC and Ripple Labs has sparked increased speculations in XRP price action.
According to on-chain data analysis by Santiment, Ripple-backed XRP registered a substantial spike in FOMO, with the underlying value surging over 20 percent in the past five days.
At the time of writing, XRP’s price hovered around 54 cents, with a market dominance of about 1.33 percent.
From a technical perspective, XRP price, when paired against the US dollar in the weekly time frame, must regain the 50 and 200 Moving Averages (MA) as a support level to secure a rally towards the next range between 58 cents and 60 cents.
Litecoin (LTC) Price
The price of Litecoin (LTC) surged over 20 percent in the past two weeks to trade above $71 on Tuesday.
The surge is fueled by heightened on-chain activity from whales and rising FOMO traders.
Like XRP, Litecoin’s price must close above the weekly 50 and 200 Moving Averages (MAs) to invalidate the bearish sentiment in the past four months.
Also Read: Here’s Why Surpassing $65,000 May be an Uphill Battle for the Bitcoin (BTC) Price Rally
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