XRP and SOL Surge as Bitcoin Struggles at $84K; Memecoins Rally

XRP climbed 5% following a strong performance by Ripple Labs, which recently secured a payments license in the UAE. Sources indicate that the company is making significant progress toward settling its prolonged legal battle with the U.S. Securities and Exchange Commission (SEC).

Solana’s SOL and XRP emerged as top performers among major cryptocurrencies on Saturday, each gaining 5% over the past 24 hours, while Bitcoin (BTC) faced resistance at the $84,000 mark.

SOL surged 7% after the conclusion of a contentious governance proposal, SIMD-0228, on Thursday. The proposal, which aimed to alter Solana’s inflation schedule, was rejected by a record number of voters. Opponents argued that approving the change could disrupt the network’s thriving DeFi ecosystem and deter further institutional investment.

Meanwhile, the memecoin sector experienced a significant rally. Pepecoin (PEPE), Toshi (TOSHI), Dogecoin (DOGE), and other meme-based assets surged as much as 40%, injecting volatility into an otherwise stable market.

Among these, TOSHI soared 38%, leading the charge, while PEPE saw gains of up to 12% before pulling back in European trading hours. Additionally, KEYCAT, a Base-based token, skyrocketed over 100% after developers announced a partnership with Acheron Trading, which will serve as its official market maker—an effort aimed at increasing liquidity and boosting exchange listings.

The broader memecoin surge signals a shift in trader sentiment, as Bitcoin’s sideways movement pushes investors toward high-risk, high-reward assets.

Bitcoin ended the week down 3%, though it performed better than the previous two weeks, during which extreme volatility caused it to swing between $75,000 and $95,000—marking a 20% drop from its January peak above $108,000.

Looking ahead, traders are closely monitoring macroeconomic factors and interest rate decisions for cues on market direction.

“The recent slowdown in inflation strengthens the case for possible rate cuts later this year,” Agne Linge, head of Growth at WeFi, told CoinDesk. “However, ongoing geopolitical and economic tensions, particularly from the escalating trade war, complicate the Federal Reserve’s policy outlook.”

Bitcoin has exhibited heightened price swings over the past two weeks, fluctuating between $79,000 and $85,000 amid macroeconomic uncertainty. Its increasing correlation with broader risk assets suggests that BTC is behaving more like a speculative investment than a traditional store of value. This trend is expected to persist as geopolitical concerns and economic uncertainty continue shaping market sentiment.

Alex Kuptsikevich, chief market analyst at FxPro, noted that a breakout above $89,000 could signal a shift toward bullish momentum.

“Only if Bitcoin surpasses its 200-day moving average can we confirm a return to growth,” Kuptsikevich told CoinDesk. “At present, the market resembles a choppy downtrend, with bears regaining control at the $83,500 level.”