The next U.S. PPI data release is only a few hours away. This has resulted in increased volatility in the crypto market. Reportedly, analysts are predicting a median forecast of 0.3%. Moreover, a PPI year-over-year is projected to stabilize at 2.7%. This could impact both crypto and stock markets in a positive way considering the short-term targets.
Moreover, Donald Trump says the FED must lower rates after a soft inflation report. Following this, investors are expecting a positive data release. Moreover, the crypto market has reacted positively to this statement by witnessing a notable jump to $3.38 trillion today.
With this, marketers are actively looking for digital assets to invest for quick gains. In this article, we will uncover the top altcoins that have the potential to record huge gains following the release of the PPI data this week.
Ripple (XRP)
XRP price has maintained its value above the $2.50 mark with a jump of 2.57% today. Notably, it has recorded a trading volume of $6.31 billion, a change of -37.86%. Moreover, with its market capitalization of $150.59 billion, it has secured the 04th position in the crypto market.
The Relative Strength Index (RSI) is hovering close to the overbought range and is on the verge of breaching it in the daily time frame. Moreover, the SMA indicator constantly supports the XRP price chart, suggesting an increase in the bullish action for the altcoin in the market.
The Ripple price could head toward its $3 mark if the market continues favoring the bulls this week. Conversely, an increase in the bearish price action could pull the price of this altcoin toward its lower support level of $2 in the upcoming time.
Solana (SOL)
Solana price today has retested the $180 mark with its impressive price surge of 6.38%. Despite recording a drop of approximately 30% in its trading volume, this altcoin has successfully regained momentum, indicating a significant increase in the bullish outlook.
The Simple Moving Average (SMA) supports the Solana price chart in the 1D time frame. On the other hand, the MACD indicator records a similar price action in the price chart. This highlights an increase in the buying-over-selling pressure for the altcoin in the market.
Maintaining the price above the support level of $177 could set the stage for Solana price to head toward its $200 mark this week. On the contrary, if the bears outrun the bulls, the value of this altcoin could plunge toward its low of $150 soon.
Hedera (HBAR)
Amid the ongoing market volatility, the Hedera price has maintained its value above the $0.20 mark. With a monthly return of over 30%, this altcoin has secured the 16th position in the market with a valuation of $9.13 billion.
The Moving Average Convergence Divergence (MACD) records a rising green histogram in the Hedera price chart. Adding to this, the Cross EMA 50/200-day witnessed a Golden Cross in the daily time frame. This hints at a positive outlook for the altcoin in the upcoming time.
If the bulls maintain dominance, this could push the price of HBAR token toward its $0.260 mark soon. However, a negative price action could result in it plunging toward its $0.188 level this week.
Also Read: Is Hedera HBAR Better Than Ripple XRP? Detailed Comparison
