Crypto Market Sees Signs of Recovery as Top Altcoins Rally
The cryptocurrency market is showing signs of recovery, with top altcoins such as Ripple (XRP), Cardano (ADA), and Solana (SOL) trading in the green. The price gains are largely driven by strong inflows into Exchange Traded Funds (ETFs), which has seen a significant increase in institutional support.
Ripple's price is up 2% on Friday, with the cross-border remittance token reclaiming the $1.500 psychological level. The technical outlook for XRP is bullish, with the 50- and 200-day Exponential Moving Averages (EMAs) forming a golden cross pattern on the daily chart.
Cardano's retail support remains stable, with firm positive positional buildup in ADA futures Open Interest (OI). The OI-weighted funding rate has surged to 0.0102%, indicating strong interest among traders in buying ADA long contracts.
Solana is up over 3% at press time on Friday, trading around $122. A confirmed breakout above the September 25 high of $122.94 could signal further upside for SOL.