Major XRP rivals are gaining traction among crypto participants as the recent conclusion of the long-running Ripple vs. US Securities and Exchange Commission (SEC) case failed to ignite the expected rally. On August 7th, Judge Analisa Torres ruled that Ripple Labs would pay $125 Million of the $2 Billion initial fine sought by the U.S SEC, a decision that some see as a victory for the blockchain payments company.
While the XRP price still wavers around the $0.55 mark, the potential investors can consider the below competitors poised for notable growth in the 3rd quarter.
1. XRP Rivals – Stellar (XLM)
Stellar (XLM), the blockchain project closest among XRP rivals, focuses on financial inclusivity by enabling quick, low-cost cross-border transactions that appeal particularly to unbanked populations globally.
Over the past two years, the XLM price showcased a sideways action resonating within two converging trendlines of the symmetrical triangle pattern. A recent reversal from the pattern’s lower trendline has uplifted the asset from $0.075 to $0.096, registering a 26% growth.
According to Coingecko data, the Stellar coin holds a market cap of $2.8 Billion, while the 24-hour trading volume is $46.5 Million. With sustained buying, the altcoin could rise over 40% to challenge the overhead resistance trendline at $0.137.
A bullish breakout from the triangle pattern will signal a major trend reversal in Stellar price prediction.
XLM/USD 1d Chart
2. Solana (SOL)
Solana (SOL) is a high-performance blockchain platform designed for decentralized applications (dApps) and crypto projects. According to Coinmarketcap data, Solana is the fifth largest cryptocurrency, boasting a market cap of $64.6 Billion.
Over the past year, this altcoin has surged 540% to $139, emerging as a high-performing asset. However, this recovery could be an initiation push after the FTX collapse crash, as leading asset management companies showed interest in Solana-based products in the traditional market.
The SOL price has been down 2.4% in the last 24 hours, likely heading to the flag pattern support at $100. On-chain data from The Block suggests that the number of new addresses has decreased by 30% to 956.3k in August. This decline indicates a slowdown in network activity and user engagement.
Thus, the Solana price prediction hints at a healthy retracement before a breakout from the flag pattern.
3. Toncoin (TON)
TON blockchain, closely linked with the Telegram messaging app, is designed for high-speed, low-cost transactions and supports a variety of decentralized applications. Toncoin stands strong among the XRP rivals due to its rapid price growth backed by Network Total Volume Locked (TVL) and famous Tap-to-earn games.
Data from Coingecko shows that Toncoin holds a market cap of $16.1 Billion, securing its position as the eighth-largest cryptocurrency. Moreover, Intotheblock analystics shows the number of addresses with Balance skyrocketed to 40.54 Million, registering a YTD growth of 1025%.
The Toncoin price is down 1.65% to trade at $6.44. A potential breakout from the overhead trendline will signal the end of correction and bolster the buyers to surpass the All-time high barrier of $8.2.
4. SUI
SUI is a layer-1 blockchain network providing a secure, robust, scalable development platform. The native cryptocurrency of the network, SUI, recently caught the attention of investors with a sharp recovery from $0.46 to $1.17—- a 141% increase in August’s sluggish market.
This rapid growth can be attributed to the recent launch of Grayscale’s SUI Trust Fund and price breakout from a 4-month downward channel. The SUI coin currently trades at $0.817 and holds a market cap of $2.1 Billion.
The current pullback in SUI price could retest the breach channel resistance at $7.5 before the next leap. The post-correction rally could drive the altcoin to an initial target of $1.44, followed by ATH at $2.18.
5. Binance Coin (BNB)
Binance coin is the native token of the largest centralized cryptocurrency exchange in terms of trading volume. Along with the exchange, the BNB token powers the entire Binance ecosystem, including the Binance smart chain, NFT market, DeFi services, etc.
Over the past year, the BNB has increased by 129% to make a new all-time high of $724 in June 2024. Despite the founder, Changpeng Zhao, being arrested, the BNB token and the Binance ecosystem flourished. As CZ is expected to be released this September, along with the potential rate cuts in the US, the BNB coin price will likely skyrocket.
The BNB price is trading at $530 with an intraday gain of 5.36%, which forms a morning start in the weekly chart. In the daily chart, the BNB price trend shows a double-bottom reversal in a megaphone pattern. As a trend continuation pattern, it increases the possibility of an extended bull run in the coming times.
6. Avalanche (AVAX)
In the race of Ethereum-killer, Avalanche is right behind Solana with a market cap of $8 billion and a growing ecosystem. As the crypto market grows with increasing global adoption, Avalanche will likely find new markets and niches.
The AVAX token among the top contenders of XRP rivals shows a 78% rise in the last year and forms a 52-week high at $65.38. Trading at a discount of 86% from its all-time high at $147.50, AVAX exchanges hands at $20.46.
Furthermore, Avalanche faces a threat of huge incoming supply with a token unlock of 9.54 million tokens on August 20. Thus, a potential surge in supply with the unlock could dilute the market price to lower levels.
The daily chart shows a bearish wedge in the AVAX price trend, accounting for a 66% drop in 150 days. Currently, the bull cycle struggles to gain momentum as it takes a lateral exit. A breakout of either of the converging trendlines will decide the upcoming trend in Avalanche price prediction.
7. Polkadot (DOT)
Polkadot, known as the internet of the crypto world, allows cross-blockchain data transfer. Based on its four-year history, Polkadot is a fast and highly scalable layer-1 project. As the number of blockchain projects increases along with the high chunks of value over top blockchain, Polkadot and similar projects will gain traction for user convenience.
DOT token price witnesses a rise in bearish influence over the past year, resulting in a 7% drop. However, compared to the 52-week high at $11.89 formed in March 2024, the DOT price is down by 68% and trades at $4.330.
With a bearish trendline in action, the DOT price is in a downtrend and has experienced multiple rejections. However, as a rising star among XRP rivals, the Polkadot price may soon skyrocket with a breakout run to reclaim $10.
Frequently Asked Questions (FAQs)
The conclusion of the Ripple vs. SEC case, which resulted in a significantly reduced fine for Ripple, did not trigger the expected rally in XRP’s price.
Solana’s substantial market capitalization and its high-performance capabilities for decentralized applications make it an attractive option for ETFs.
Toncoin has seen a dramatic increase in the number of addresses with balances, growing its market cap substantially.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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/7-top-xrp-rivals-aiming-for-5x-growth-in-q3/
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