XRP, Solana Lead Crypto Rally as Bitcoin Struggles at $84K; Memecoins Surge
XRP climbed 5% over the past 24 hours, extending its recent rally following positive developments for Ripple Labs. The blockchain firm secured a payments license in the UAE, and sources suggest it is nearing a resolution in its long-running legal battle with the U.S. Securities and Exchange Commission (SEC).
Solana’s SOL also posted strong gains, jumping 7% after the conclusion of the controversial SIMD-0228 governance vote on Thursday. The proposal, which aimed to alter Solana’s inflation model, was rejected following the highest voter turnout in the network’s history. Opponents of the change argued that it could disrupt Solana’s DeFi ecosystem and deter institutional adoption.
Meanwhile, Bitcoin (BTC) remained range-bound, struggling to break past the $84,000 resistance level. Despite recovering from recent volatility, BTC ended the week down 3% after fluctuating between $75,000 and $95,000 in previous sessions.
Memecoins experienced a fresh wave of interest, with speculative assets leading the market in volatility. Pepecoin (PEPE), Toshi (TOSHI), and Dogecoin (DOGE) surged as much as 40% on Friday.
Among the biggest gainers, Base-based TOSHI jumped 38%, while PEPE saw a 12% spike before paring gains later in the day. Additionally, KEYCAT, another Base-based token, skyrocketed over 100% after developers announced a partnership with Acheron Trading to improve liquidity and expand its market presence.
This shift toward high-risk, high-reward assets suggests traders are seeking alternative opportunities as Bitcoin consolidates.
Macroeconomic factors remain a key concern for investors. The Federal Reserve’s stance on interest rates continues to weigh on sentiment, particularly as inflation shows signs of cooling.
“The recent decline in inflation supports the possibility of rate cuts later this year,” Agne Linge, head of Growth at WeFi, told CoinDesk. “However, global economic instability and the ongoing trade war introduce new challenges for the Fed’s policy outlook.”
Bitcoin’s price movements reflect a growing correlation with broader macroeconomic trends, behaving more like a speculative asset than a store of value. The cryptocurrency has been oscillating between $79K and $85K, with analysts expecting further volatility amid ongoing market uncertainty.
FxPro’s chief market analyst, Alex Kuptsikevich, noted that a decisive move above $89,000 could signal a return to bullish momentum.
“For Bitcoin to break out of this downtrend, it needs to push past its 200-day moving average,” Kuptsikevich said. “Right now, the market remains under bearish control, with key resistance at the $83,500 level.”
