SOL, XRP Rally 5% as Bitcoin Battles to Maintain $84K

XRP, SOL Lead Crypto Gains as Bitcoin Faces Resistance at $84K

XRP climbed 5% over the past 24 hours, fueled by a strong week for Ripple Labs, which secured a payments license in the UAE. Additionally, sources indicate Ripple is nearing a resolution in its prolonged legal battle with the U.S. Securities and Exchange Commission (SEC).

Solana’s SOL also recorded a 7% surge following the conclusion of the highly debated SIMD-0228 proposal late Thursday. The governance vote, which saw the highest participation in Solana’s history, ended in favor of maintaining the current inflation schedule. Opponents of the proposal argued that any change could disrupt Solana’s expanding DeFi sector and deter institutional adoption.

Bitcoin (BTC), meanwhile, continued to struggle at the $84,000 level, showing signs of resistance. BTC ended the week down 3%, a relatively smaller decline compared to the extreme volatility of the previous two weeks, where prices fluctuated between $75,000 and $95,000. The cryptocurrency remains nearly 20% below its January peak of over $108,000.

Memecoins Rally Amid Sideways Bitcoin Trading

The meme coin sector saw significant price action, with several assets posting substantial gains. Pepecoin (PEPE), toshi (TOSHI), and dogecoin (DOGE) spiked by as much as 40%, injecting much-needed volatility into an otherwise stagnant market.

Base-based TOSHI led the rally with a 38% jump, while PEPE saw a 12% rise before retreating during European afternoon hours. Additionally, Base-based KEYCAT skyrocketed by more than 100% following an announcement of a partnership with Acheron Trading, which aims to enhance liquidity and expand exchange listings for the token.

The surge in meme coins suggests a shift in trader sentiment, as speculative capital moves from Bitcoin toward higher-risk, high-reward assets.

Macroeconomic Factors Shape Crypto Market Outlook

With ongoing market fluctuations, traders are closely monitoring macroeconomic developments, particularly potential interest rate cuts.

“The recent cooling of inflation strengthens the case for rate cuts later this year,” said Agne Linge, head of Growth at WeFi, in an email to CoinDesk. “However, ongoing trade disputes and escalating geopolitical tensions complicate the Federal Reserve’s policy outlook.”

Bitcoin’s price action over the past two weeks has been highly reactive to macroeconomic conditions, fluctuating between $79K and $85K amid uncertainty. The growing correlation between Bitcoin and broader economic trends suggests that BTC is behaving more like a risk asset rather than a traditional store of value.

Alex Kuptsikevich, chief market analyst at FxPro, emphasized that a breakout above $89,000 could shift market sentiment toward a bullish trend. “Only if Bitcoin surpasses its 200-day moving average can we consider it a sign of renewed growth,” Kuptsikevich said. “As it stands, the market remains in a bumpy downtrend, with bears regaining control at the $83,500 resistance level.”

As crypto markets navigate macroeconomic uncertainty and investor sentiment shifts, traders remain focused on key resistance levels and upcoming economic indicators to gauge future market direction.