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Amid a roller coaster of emotions in the recent past, the crypto market has entered a fresh new phase of bullish speculations. The Bitcoin’s (BTC) fear and greed index surged to 65 percent on Tuesday, signaling crowd greed and heightened fear of missing out (FOMO).
Rising Crypto Buying Pressure
Earlier today, leading stablecoins issuer Tether minted 1 billion USDT on the Tron network, thus increasing the overall buying pressure. On-chain data shows that long-term crypto holders have accelerated their accumulation pace in the recent past.
For instance, US spot BTC ETFs have registered over $1.5 billion in cash inflows in the past two weeks. On-chain activities for the altcoin industry have significantly surged amid reports of next week’s listing of spot Ether ETFs in the United States.
Top Altcoins to Buy This Week
🥳 As crypto continues its amazing market-wide rebounds, keep a close eye on Litecoin and XRP, a couple coins getting high levels of FOMO.
— Santiment (@santimentfeed) July 16, 2024
These coins can continue to rise, but the crowd's euphoria toward these assets could make them high risk, high reward investments this week. pic.twitter.com/XJIuCZa8aQ
XRP Price
Amid the anticipated settlement between the U.S. SEC and Ripple Labs in the ongoing lawsuit, speculations in XRP price action have drastically increased. According to on-chain data analysis conducted by Santiment, Ripple-backed XRP registered a notable spike in FOMO as the underlying value tallied over 20 percent in the past five days.
As of this report, XRP’s price hovered around 54 cents, with a market dominance of about 1.33 percent. From a technical standpoint, XRP price, 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) spiked over 20 percent in the past two weeks to trade above $71 on Tuesday. The surge is fueled by heightened whales’ on-chain activity 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.