The crypto market continues to move sideways due to macroeconomic fears caused by the trade war between China and the US. However, the sentiment might shift if President Trump manages to make changes at the Federal Reserve in a bid to lower interest rates. This article looks into Trump’s potential pick for the next Fed Chair and the top altcoins to buy if the appointment ends up being a crypto-friendly one.
Altcoins to Buy If Trump Picks Kevin Warsh as Next Fed Chair
Speculation is rife that President Trump will replace Jerome Powell with a new Fed Chair. According to the Wall Street Journal, Trump will likely pick Kevin Warsh as the next chair, and given his crypto-friendly remarks in the past, traders are already seeking the best altcoins to buy.
The speculation about Warsh’s appointment is surging after Trump criticized Powell over his decision on interest rates. Trump accused the current Fed Chair of “playing politics” by failing to lower rates like other central banks had done.
Warsh may be a good pick for the crypto industry as he has made several crypto-friendly remarks in the past. In 2021, Warsh told CNBC that Bitcoin was an ideal investment plan. At the time, he said,
“I think that Bitcoin does make sense as part of a portfolio… I think of Bitcoin as a lot of things, but it’s certainly with every passing day, getting new life as an alternative currency.”
Additionally, Warsh is named as an advisor and investor to the Bitwise digital asset management firm. Bitwise is among the firms that offer spot crypto ETFs.
Considering these factors, if Trump picks Warsh as the next Fed Chair, it may trigger moves across the crypto market. Therefore, traders should seek the best altcoins to buy in case the market rallies.
3 Altcoins to Buy Now
The best altcoins to buy now amid growing speculation that President Trump could pick Warsh Warsh as the next Fed Chair are Ripple (XRP), Solana (SOL), and Cardano (ADA). These altcoins have a bullish technical outlook that may spark rallies.
Ripple (XRP)
Ripple (XRP) is one of the best altcoins to buy now. The altcoin is surrounded by catalysts like spot ETF approvals, possible integration with the Federal Reserve and SWIFT, which may support a bullish breakout.
Additionally, XRP price also has a strong technical outlook. This altcoin is attempting to break the upper trendline of a descending parallel channel. If it is successful in doing so, it may stir an uptrend. Additionally, the ADX line is dropping, which is an indication that the downtrend is weakening. This paves the way for a recovery.
XRP/USDT: 1-day Chart
Solana (SOL)
The other altcoin to buy now is Solana. According to one top analyst who shared a bullish Solana price forecast, the altcoin has formed a falling wedge pattern, whose bullish breakout will be confirmed if the altcoin can overcome resistance at the upper trendline. If Solana does this, it may spark a rally to $250.
Solana Price Chart
Besides the technical setup, Solana is also awaiting the approval of a spot SOL ETF in the US. If this product is approved under a pro-crypto Fed Chair, it may spark inflows, which will bode well for the price.
Cardano (ADA)
Lastly is Cardano (ADA), which also ranks among the top altcoins to buy. Popular analyst Ali Charts has shared a bullish Cardano price prediction, stating that the altcoin is on the verge of a 30% upside move if it breaks out of a symmetrical triangle pattern.
Cardano Price Chart
Cardano is also a US-made altcoin that will benefit greatly from having a crypto-friendly Treasury Secretary. The other bullish fundamental that may also spark a rally is the approval of a spot Cardano ETF.
Summary of Top Altcoins to Buy
President Trump is considering picking former Fed governor Kevin Warsh as the next Fed Chair. This appointment could spark volatility in the crypto market, and investors are looking for the top altcoins to buy to secure gains. These altcoins include Ripple, Solana, and Cardano, and they have a bullish technical outlook and positive catalysts that may spark a rally.
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