In the past 24 hours, several cryptocurrencies have made attempts to recover from recent losses, driving renewed interest in certain altcoins. Among the top trending altcoins today is a newly launched asset whose project recently introduced its Mainnet altcoin and has quickly gained traction in the market

Notably, the other two, according to CoinGecko, include a popular altcoin with a lot of market interest and a privacy-based cryptocurrency.

Vector Smart Gas (VSG)

Vector Smart Gas is a recently launched layer-1 network on the Ethereum blockchain that focuses on decentralized Finance (DeFi) and Real-World Asset (RWAs) tokenization. Its native token, VSG, is one of the altcoins trending today, mainly because of its price increase.

In the last 24 hours, VSG’s price has increased by 49% and cumulatively 550% in the last seven days. This development could also be linked to the notion that the token is trending on TikTok— making demand higher.

At press time, VSG’s price is $0.0044. Furthermore, the daily chart shows that the Moving Average Convergence Divergence (MACD) is positive, indicating that the momentum around the altcoin has remained bullish.

Should this remain the case, then VSG’s price might climb much higher. However, if momentum becomes bearish, that might not happen. Instead, the altcoin’s value could decline to the $0.0018 support.

Tornado Cash (TORN)

As mentioned above, Tornado Cash is a privacy-focused cryptocurrency that is part of the trending altcoins today. But besides that, Tornado Cash scored a very huge victory after a US appeal court ruled against the Treasury Department.

As a result, TORN’s price climbed by 396% in the last 24 hours. As of this writing, it is $17.86. According to the daily chart, the volume around the cryptocurrency has also surged, suggesting widespread interest in the token.

As long as the volume increases, the altcoin’s price could climb as high as $39.41. However, if the cryptocurrency holders take profits, this could change, and the altcoin might drop to $12.24.

Solana (SOL)

Last on the list is Solana, one of the best-performing altcoins of the last year. However, unlike TORN and VSG, SOL is not trending because its price has increased. In fact, the token’s value has hovered around $235 within the last 24 hours.

On the daily chart, the Parabolic Stop And Reverse (SAR) indicator has risen above SOL’s price. The Parabolic SAR is a technical indicator that spots support and resistance. 

When the price is above the indicators, there is strong support, and the price can increase. But since it is below it,  Solana’s price faces resistance. Should that remain the case, then SOL could drop to $219.63.

On the other hand, if the altcoin sees a rise in buying pressure, the trend might reverse. In that case, SOL could rise to $264.33.

Bitwise Asset Management has announced the rebranding of its European XRP ETP (exchange-traded product). This is part of its broader strategy to strengthen its foothold in the crypto investment space.

Now named the Bitwise Physical XRP ETP (GXRP), the product represents a renewed commitment to XRP as a key investment vehicle.

Bitwise Rebrands Offering to Physical XRP ETP

The rebranding marks a significant milestone for Bitwise. The asset manager ventured into the European market earlier this year after acquiring ETC Group, a local crypto ETP issuer. Meanwhile, the GXRP ETP, 100% physically backed and regulated by Germany’s financial authority, offers European investors secure exposure to XRP.

This move aligns with Ripple’s announcement of an investment in GXRP, signaling confidence in XRP’s potential amid growing institutional interest. Ripple CEO Brad Garlinghouse emphasized XRP’s unique value proposition, particularly in light of the increasing global demand for crypto investment products.

“XRP is at the forefront of momentum as a utility-driven digital asset,” an excerpt in the announcement read, citing Garlinghouse.

He also predicted that regulatory clarity in the US would spur further interest in crypto-backed offerings. Notably, Ripple has been at the heart of XRP’s adoption, leveraging the XRP Ledger (XRPL) for applications such as cross-border remittances, tokenization, and institutional DeFi. The XRPL, celebrated for its efficiency and reliability, underpins XRP’s position as the fifth-largest cryptocurrency.

“XRP and the XRP Ledger are among the most familiar and trusted blockchains in crypto. We’re thrilled to provide access through an institutional-grade product like the GXRP,” Bitwise CEO Hunter Horsley said.

XRP, which boasts a market capitalization of over $82 billion, is up by almost 3% on this news. According to BeInCrypto data, the token is trading for $1.43 as of this writing.

XRP ETFs on the Horizon With Trump Administration

Elsewhere, Bitwise’s commitment to XRP extends beyond Europe. In October, the firm revised its US XRP ETF filing following its initial application earlier that month.

The submissions reflect growing momentum in the XRP ETF race, where competitors like Canary Capital and, most recently, WisdomTree have also entered the fray. Garlinghouse recently expressed optimism, calling an XRP ETF approval “inevitable.”

“We clearly are seeing that ETFs have been popular…The United States SEC was dragged, kicking and screaming, to approve the Bitcoin ETF in January…$17 billion has flowed into the fastest-growing ETF in history. It clearly demonstrates that there’s demand from institutions and retail to access the asset class,” Garlinghouse said.

Traditional finance giants like BlackRock remain on the sidelines, with no announced plans to explore XRP ETFs. The concern is that while XRP benefits from real-world utility, its reliance on Ripple’s ecosystem could limit broader adoption. This, coupled with the Ripple versus SEC (Securities and Exchange Commission) lawsuit, continues to impede an XRP ETF.

Nevertheless, while the US market remains a challenge, Europe offers fertile ground for crypto ETPs. Plans to introduce additional institutional-grade offerings bolster Bitwise’s European strategy. These include the Aptos Staking ETP launched on the SIX Swiss Exchange earlier this month.

Donald Trump’s recent re-election, which many experts believe could pave the way for a more pro-crypto regulatory environment, inspires renewed optimism. Analysts suggest Trump’s victory has reinvigorated optimism for crypto ETFs, including XRP and Solana ETFs, as his administration is expected to adopt policies favorable to digital assets.

Bitwise, which manages over $10 billion in client assets, sees this as an opportune moment to solidify its leadership in the space.

“Regulatory clarity will catalyze crypto-backed investment offerings,” Horsley noted.

Nevertheless, Bitwise’s progress highlights the increasing institutional interest in crypto-backed products. The firm’s venture into Europe reflects its strategic pivot to capitalize on global opportunities, even as US markets remain complex.

XRP has witnessed a surge in selling activity since it climbed to a three-year high of $1.63 on November 23. Currently trading at $1.41, the altcoin has since noted a 13% price dip.

On-chain data has revealed a significant spike in profit-taking activity over the past few days. This highlights a potential continuation of the XRP price dip. What should token holders look out for?

XRP Traders Book Gains

BeInCrypto’s assessment of XRP’s on-chain performance has shown a surge in profit-taking activity among its holders, reflected by its rocketing realized profit. According to Santiment’s data, over the past seven days, XRP’s realized profits have totaled $1.84 billion, the highest since April 2021.

An asset’s network realized profit measures the overall profit gained by network participants based on the price at which tokens were last moved. A spike in this metric indicates that many holders are selling their assets at a significant profit compared to their acquisition price.

This often occurs during periods of high market activity. It signals a profit-taking trend and hints at potential changes in sentiment. As this selling pressure increases, the downward price action persists. 

Notably, XRP’s long-term holders contribute to the downward pressure on its price. They have taken advantage of the token‘s rally to a multi-year high to book gains, as evidenced by the decline in XRP’s Mean Dollar Invested Age (MDIA) over the past week.

This metric tracks the average age of all dollars invested in an asset, reflecting how long tokens have been held in wallets. When it falls, it indicates increased network activity as older coins are being moved or spent. 

As in XRP’s case, when the MDIA falls during a price rally, long-term holders are actively selling their assets, contributing to the bearish pressure on the altcoin’s price. The reason for this is not far-fetched.

The percentage of XRP supply in profit recently crossed 90%. This means that most XRP holders are now making a profit. As of this writing, nearly 97% of the token’s circulating supply of 99 billion is in profit.

XRP Price Prediction: Token Risks Falling Below $1.30

XRP currently trades at $1.41, above support formed at $1.33. Sustained profit-taking activity by token holders will pull XRP’s price to test this support level. If it fails to hold, the downward trend strengthens, and the XRP price dip may extend to $1.28.

On the other hand, this bearish projection will be invalidated if buying activity resumes. This may push XRP’s price toward revisiting its three-year high of $1.63.