The upcoming FOMC meeting and interest rate decision in the US are stirring up market activity. Bitcoin recently experienced a price drop below $67,000, hitting $66,120 before bouncing back to $67,300. Alongside Bitcoin’s volatile behavior, movements in some altcoins are also grabbing attention. Let’s delve into what’s happening with XRP, Floki, and AVAX, which have been drawing the interest of investors.
XRP Analysis
XRP, embroiled in a legal battle with the SEC for over three years, has been struggling to break free from the shackles of a suppressed price. The SEC’s scrutiny and legal proceedings, coupled with the company’s significant monthly sales, are seen as major hurdles for XRP to reclaim the $1 mark. Despite a brief surge last summer following a legal win, XRP retreated to around $0.50, where the upward trend had initiated. Recent analysis reveals that XRP is currently trading at $0.48 after a 3% decline in the past 24 hours. The market cap dropped to $26.6 billion, while trading volume surged by 35% to $1.5 billion. Speculation is rife within the company and the crypto community that the lawsuit might reach a conclusion this year, with XRP possibly joining the ETF race alongside Solana post-Bitcoin and Ethereum.
Floki Coin Analysis
In the realm of meme coins dominated by DOGE and SHIB, FLOKI has been steadily climbing since the previous year. FLOKI garnered attention through burn news and purchase decisions by DWF Labs, establishing itself as a rising star alongside PEPE. Currently, FLOKI is trading at $0.0002372 after a 10% drop in the last 24 hours. Its market cap stands at $2.27 billion, placing it 45th in market cap rankings. The trading volume for FLOKI witnessed a marginal 1% increase to $423 million, indicating a cautious approach by investors towards trading activities.
AVAX Coin Analysis
AVAX, hailed as an Ethereum competitor alongside Solana, experienced a sharp downturn in 2022 after dominating the previous bull run. However, AVAX managed to bounce back and secure the 12th spot in market cap rankings. Presently, AVAX is trading at $31.46 after a 2% decline in the last 24 hours. Its market cap also mirrored a similar decline, dropping to $12.3 billion. The trading volume for AVAX surged by 27% to $430.9 million in the past 24 hours, signaling robust trading activity surrounding AVAX in the market.
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Disclaimer: The information presented in this article does not constitute investment advice. Investors should be mindful of the high volatility and risks associated with cryptocurrencies and conduct their own thorough research.
