3 Altcoins Breakout as US NFP Sparks $98B Inflows: XRP, LINK, APTOS Price Analysis

Why is Crypto Market Going Up?

The global crypto market experienced a sharp $98 billion rally on October 4, 2024, gaining 4.83%, as investors digested a bullish Non-Farm Payrolls (NFP) report.

This pivotal macroeconomic data revealed a stronger-than-expected surge in job creation, leading to heightened speculation that the Federal Reserve might adopt a more dovish stance in the coming months.

Ripple (XRP), Chainlink (LINK), and Aptos (APT) emerged as top beneficiaries of this market surge, as investors rushed into altcoins amidst growing optimism.

The NFP report showed that the U.S. economy added 254,000 jobs in September 2024, far exceeding expectations of 140,000. This marked the strongest job growth in six months, signaling a resilient labor market.

Coupled with declining unemployment and hints of cooling inflation, traders began to position themselves for a potential rate cut, which could reignite risk-on appetite across financial markets, including cryptocurrencies.

Crypto Market Gains $98B on Positive US NFP Data

The positive NFP data acted as a catalyst for a broader market rebound, reversing a week-long downturn that saw cryptocurrencies struggle amid rising geopolitical tensions in the Middle East.

While global uncertainties persist, the market welcomed the NFP data as a sign that the Federal Reserve may slow its tightening pace, boosting investor sentiment.

According to TradingView data, the total market capitalization of the cryptocurrency market rose by $98 billion on October 4, 2024, following the NFP release. The market cap, which had been languishing at a two-week low of $2.03 trillion, surged 4.83% to reach $2.12 trillion by midday. This recovery reflects the renewed confidence of investors, with altcoins such as XRP, LINK, and APTOS driving the momentum.

XRP, Chainlink, and Aptos Emerge as Top 3 Altcoins Amid Market Recovery

Amid the market-wide rally, Ripple (XRP), Chainlink (LINK), and Aptos (APT) emerged as the most-discussed altcoins, based on social media sentiment and trading activity.

These three assets attracted significant attention from both retail and institutional traders, with various fundamental catalysts contributing to their individual breakouts.

On-chain analytics platform Santiment showed that XRP, Chainlink, and Aptos were among the top trending tokens on social media. This surge in interest is underpinned by a mix of macroeconomic factors and project-specific developments, which we explore in the following sections.

Bitwise ETP Filing Sends XRP Communities Agog

XRP has been under the spotlight in recent weeks, particularly after Bitwise filed for an XRP-focused Exchange Traded Product (ETP). Bitwise filing has reignited debates about Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), which recently appealed a ruling that classified XRP as a non-security.

More so, ETP filing by Bitwise is seen as a bullish signal for XRP, as it demonstrates increasing institutional interest in the asset despite the regulatory uncertainty. The possibility of an XRP ETP gaining approval could unlock new demand from institutional investors, potentially driving the price higher in the long term.

XRP Price Analysis: $0.55 Breakout Ahead?

Technically, XRP has been experiencing volatile price action in recent days. Between September 29 and October 3, XRP lost 23% of its value, falling from $0.66 to a low of $0.51.

However, following the release of the NFP data, XRP rebounded sharply, gaining 6.3% to trade at $0.55 on October 4.

The chart shows a bullish engulfing pattern forming on the daily timeframe, suggesting that the recent downtrend may be reversing. XRP has also bounced off the lower Bollinger Band, indicating that the asset is oversold and poised for a potential breakout.

If XRP manages to break above the $0.55 resistance level, it could pave the way for a rally toward the next resistance at $0.60. Key support remains at $0.50, and a failure to hold this level could see XRP retest the $0.47 region.

The Relative Strength Index (RSI) is currently hovering around 40, suggesting that there is room for further upside before XRP becomes overbought. With increasing bullish momentum and positive sentiment surrounding the Bitwise ETP filing, XRP is well-positioned for a breakout in the near term.

Aptos (APT) Acquisition of HashPalette Inc. Sparks Excitement

Aptos Labs has been making headlines recently following its acquisition of HashPalette Inc., a strategic move that aims to strengthen Aptos’ presence in the Japanese blockchain market.

HashPalette, known for its involvement in NFT and digital content, aligns with Aptos’ vision of expanding its ecosystem and tapping into the growing demand for decentralized applications (dApps) in Asia.

This acquisition is not the only bullish catalyst for Aptos. Institutional interest in the Aptos blockchain has also been rising, with Franklin Templeton launching its OnChain U.S. Government Money Fund on the Aptos network.

This move highlights the increasing recognition of Aptos as a reliable platform for institutional-grade financial products, which could drive long-term growth.

Aptos Price Analysis: $10 Target Now in Sight

APTOS has been defying the broader market trend, posting a strong uptrend since October 1. The NFP data further propelled APTOS higher, with the asset surging to $9.30 on October 4, marking a 28.16% gain in just three days.

The chart shows that APTOS has been trading above the 200-day moving average (MA), a key bullish indicator. The Parabolic SAR dots are also aligned below the price, reinforcing the uptrend.

Additionally, APTOS has broken through the $8.50 resistance level, which now acts as strong support. If the bullish momentum continues, APTOS could target the $10 psychological level in the coming days.

However, traders should remain cautious, as the RSI is approaching overbought territory at 68. This could signal a potential pullback if buying pressure wanes. A retest of the $8.50 support is likely if APTOS fails to break above $9.50 in the short term.

Chainlink (LINK): Excitement Builds Over SWIFT Partnership

Chainlink has been at the forefront of blockchain innovation, and its recent collaboration with SWIFT has generated significant excitement within the crypto community. SWIFT, the global financial messaging network, has been exploring blockchain technology for cross-border payments, and Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has played a crucial role in these trials.

Chainlink’s partnership with SWIFT aims to connect various blockchain networks for seamless communication between financial institutions, which could unlock new use cases for decentralized finance (DeFi) and further solidify Chainlink’s position as a leader in the oracle space. Successful trials involving CCIP have demonstrated the potential for blockchain to revolutionize the global payments system, with Chainlink at the center of this transformation.

Chainlink (LINK) Price Analysis: $12 Resistance Looms Large

Chainlink has faced significant selling pressure in recent weeks, with the asset losing 21% of its value between September 29 and October 3. However, the NFP data provided a much-needed boost, with LINK rebounding 10% from $10.30 to $11.30 within 24 hours on October 4.

The chart shows that LINK has broken above its 50-day moving average, signaling a potential trend reversal. The Bollinger Bands are also tightening, indicating reduced volatility and the possibility of a breakout. The key resistance level to watch is $11.50, and a successful break above this level could see LINK target $12.00 in the short term.

On the downside, support remains at $10.30, and a break below this level could lead to further losses. The RSI is currently neutral at 52, suggesting that LINK has room to move in either direction.

Crypto Market Recap:

In summary, the crypto market has rebounded strongly following the release of positive NFP data, with XRP, Chainlink, and Aptos emerging as the top-performing altcoins.

XRP’s Bitwise ETP filing and legal developments have reignited interest in the asset, while Aptos has benefitted from strategic acquisitions and growing institutional adoption.  Chainlink’s partnership with SWIFT has positioned it as a key player in the future of blockchain-based cross-border payments.

As the market continues to digest macroeconomic and project-specific developments, these three altcoins are well-positioned for further gains in the coming weeks