Ripple’s groundbreaking win against the Securities and Exchange Commission (SEC) after a lengthy court battle was a game changer for the crypto industry and, most importantly, for 3 XRP rivals likely to compete for spot ETF approval in the United States.
3 XRP Rivals to Buy in August for 100x Returns
As the tide turns, Bitcoin and the cryptocurrency market recover, 3 XRP rivals are set for a major rally, including Solana (SOL), Dogecoin (DOGE), and Cardano (ADA). This article will delve into the fundamentals that make these digital assets tick and why investors should consider adding them to their portfolios for 100x returns.
1. Solana (SOL)
Solana is popular for its remarkable price movements, whether down or up. The market crash that ushered in August saw SOL price plummeting to $110, where bulls immediately picked up liquidity, creating the perfect conditions for rapid recovery to $164.
Nonetheless, Solana has corrected to $140 and trades at $142 while showing bullish signs. A falling wedge in the daily range points to a possible 14% rally, bringing SOL back to the $164 level.
Solana is in line for a spot ETF consideration in the US. The approval of Ethereum ETFs in July raised the stakes for other altcoins like SOL to achieve the same milestone. In addition to significantly increasing demand with more investors indirectly seeking exposure on stock exchanges, the development will validate Solana as a legitimate global investment. SOL price prediction adds credence to the bullish outlook, reaffirming the potential for a rebound past $200 and even to ATH.
2. Cardano (ADA)
Unlike other XRP rivals, Cardano price remained suppressed on August 22, exhibiting a modest 0.5% decrease to $0.3711. However, ADA sustained a 14% surge in the last week, underling its ability to recover following major price dips.
Large volume holders, popularly known as whales, have recently turned to Cardano, capitalizing on the dips to increase their holdings. According to Santiment data, addresses with 1 million to 10 million ADA topped up their holdings to account for almost 16% of the total supply from 15.56% in mid-July.
In the same period, addresses holding 1 billion ADA increased their balance to 5.23% from 4.61%. As risk appetite soars among whales, Cardano will gain momentum along with other XRP rivals.
Cardano’s security status has been questioned by the SEC, similar to Solana. This may significantly shrink the chances of ADA getting a spot ETF. Besides, extended sell-off periods may discourage investors from holding Cardano, thus contributing to further decline.
3. Dogecoin (DOGE)
Dogecoin has claimed the largest meme coin title for a long time, and this may be attributed to the first mover advantage. In addition to that, Dogecoin’s association with Elon Musk, the Twitter CEO, intrigues many crypto enthusiasts.
IntoTheBlock’s GIOM model affirms Dogecoin’s profitability, showing that 72.5% of all addresses are currently profitable. In other words, 4.65 million addresses are in the money compared to 25.63% or 1.64 million addresses in loss. DOGE price forecast profitability will continue as the crypto market recovers, making it one of the leading XRP rivals.
Dogecoin price exchanged at $0.1054 after a 5.2% increase in seven days. Support at $0.1 remained critical for the resumption of the uptrend. However, until DOGE breaks above the $0.12 level, it would be too early to rule out a potential drop to $0.08.
Frequently Asked Questions (FAQs)
XRP price has not been able to rally to ATH in over 10 years, while rivals like SOL and DOGE hit new ATHs in 2021.
Solana depicts the ability to make a major recovery after falling drastically. Hence, buying the token at the current level could result in immense returns in the future.
The SEC has flagged SOL and questioned its security status. This could play a big role in rejecting Solana ETFs.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/3-xrp-rivals-to-buy-in-august-for-100x-returns/
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