XRP Account 3 Rivals That Can Boost Your Returns
The crypto market achieved a remarkable recovery this year, with good news inflowing, starting from the crypto ETF approval to market bull run and some coins registering new all-time high prices, especially Bitcoin.
After the US financial regulator approved the Bitcoin and Ethereum spot ETF securities, the crypto community is speculating on the next coin that will be listed for exchange-traded fund investment.
The Ripple cryptocurrency emerges as the top contender for SEC approval. However, XRP accounts for 3 other cryptos that will compete in the coin’s race into investors’ portfolios and the SEC’s desk.
XRP Spot ETF Speculations
After securing a victory in the SEC lawsuit last year and awaiting a possible appeal from the US regulator, XRP has been on a positive ride. Ripple surged in price and market capitalization shortly after the decision was made in late July 2023.
Since then, the cryptocurrency has been characterised by price stability, swinging between $0.40 and $0.55 for over a year. The XRP market cap in 2024 surged with the market bull run but dwindled in the following months.
However, starting from July 2024, the coin’s performance has been outstanding. The price climbed to $0.60, and the trading volume grew from $23B to $34B in ten days.
This positive image surfaced the coin as a stable and rewarding asset for crypto investors. More significantly, after raising the discussion on the next crypto ETF asset.
3 XRP ETF Competitors
Despite the positive run the Ripple coin has been experiencing, other cryptos have forced serious competition. Solana, Cardano and Dogecoin are some of the best alt-coins in 2024, and many traders include them in the race for the next ETF discussion.
1. Solana
This year, Solana emerged as a sophisticated network supporting the development of crypto projects and meme coins, offering a scalable and flexible decentralised platform.
SOL posted an exceptional performance in 2024, peaking at $209 for the first time since 2021, when the coin reached an all-time high of $260. The coin experienced ups and downs that benefited traders on both sides of the market. Nevertheless, the coin kept a moderate price range between $140 and $160.
The SOL price prediction below uses the EMA indicator in short-term and long-term timelines to predict future trends. The short-term EMA line declines to reach the market price, indicating a possible recovery just at $140. However, looking at the long-term EMA line might suggest possible price stability in the near future.
2. Cardano
Cardano is known for simplifying dApp and crypto DeFi projects due to its sophisticated ecosystem that runs custom smart contracts to execute various functions at high speed and low fees.
When it comes to ADA coin performance, after recording massive price gains in the March 2024 bull run, the coin dwindled down to the $0.40-$0.50 range. However, by looking at both EMA lines, we can see a possible upward trend in the near future.
This Cardano news can see large-volume traders netting massive profits after buying massively on price drops.
3. Dogecoin
DOGE is a renowned coin that was created on a humour premise. However, it is the foundation of meme coins and a stable asset in crypto traders’ wallets.
The Dogecoin had a refreshing performance in 2024, climbing from $0.090 to $0.200 in one week, then to $0.230 by the end of March. In July-August, the price dropped under the $0.100 mark, but a late recovery in the last week of August, coupled with an up-pointing short-term EMA line, suggests a bullish Dogecoin prediction soon.
Conclusion
After approving the ETF spot trading for Bitcoin and Ethereum, all eyes are on the next candidate. With many voices saying that Ripple is leading the race, XRP has 3 competitors: SOL, ADA, and DOGE.
These cryptocurrencies have posted positive performances in 2024 that grabbed investors’ eyes and, hopefully, the US SEC.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies, including meme coins, carries ingrained risks, and individuals should conduct their own research before making any investment decisions.
