The price of XRP has surprisingly remained steady as the legal battle between Ripple and the SEC approaches its final stages. On April 22nd, Ripple’s lawyers countered the SEC’s suggested $2 billion penalty with a proposed cap at $10 million. With the outcome of this case becoming increasingly significant for XRP’s value, potential investors might consider exploring other cryptocurrencies to buy in anticipation of a bull market in 2024.
1. Shiba Inu Coin: Emerging A Top Crypto To Buy
The price of Shiba Inu Coin has taken a hit in the past few weeks, falling dramatically from its peak of $0.00004563 in 2024 to around $0.00002. This decline has put the coin’s support at a new test.
Despite this decrease, it’s important to note that this trend is representative of the broader crypto market, as prices have dropped significantly throughout. Bitcoin experienced a resurgence above $70,000 once more in April, but tensions in the Middle East caused it to fall back down to around $60,000.
After the Bitcoin halving event, investors anticipate a reduction in supply, leading to an increase in demand and potentially causing a sharp price rise, or parabolic rally, for Bitcoin and possibly other cryptocurrencies by the end of the year.
Traders keeping an eye on potential price growth in Shiba Inu, which has bounced back from its April lows of approximately $0.00002 to around $0.000078, might be interested in learning about the nearby resistance levels indicated by the gray band on the graph.
For traders, it’s important to keep an eye on a few significant levels in the short term. These include the possibility of the price surpassing the resistance trendline (signified by the black line) and the emergence of new support around $0.000028. In the near to medium-term, potential goals are the yellow band situated at $0.00003, the red band found at $0.000032, and the more extensive resistance at $0.000036.
2. Solana (SOL)
Solana (SOL) is a powerful blockchain platform that enables decentralized apps and digital currencies. It’s known for its lightning-fast transaction processing and ability to handle large volumes, thanks to its distinctive proof-of-history (PoH) agreement system working in conjunction with the underlying proof-of-stake (PoS) framework.
Following a recent setback, the price of Solana’s SOL token has rebounded significantly from a low of $116. It bounced back above the 50% Fibonacci retracement level and saw a powerful gain of 33%, now valued at $155. This uptrend has boosted Solana’s market capitalization to $69.3 billion, maintaining its rank as the fifth largest cryptocurrency by market value.
At present, Solana’s price is prepared to challenge the nearby resistance at $162. The market outlook is optimistic towards a bullish trend for a possible surge higher. Should this uptrend continue, we might witness a 30% price rise from the current values, pushing Solana back up towards its 2024 high of $210.
1. Gala (GALA)
In simpler terms, Gala (GALA) is the main cryptocurrency used in Gala Games to purchase NFT items. It serves as reward for node operators who contribute to the network, with GALA being used to cover transaction costs on the blockchain. The system then shares the GALA equally between node operators and Gala Games’ management.
Over the last week, the value of GALA, a small-cap altcoin, has experienced a significant rise of over 15%. This robust upward trend indicates that following its upcoming halving event, GALA could experience an impressive 50X increase in price. The current price of GALA sits at $0.04847, marking a minor 1% decrease within the last day. GALA holds the 64th position on CoinMarketCap and boasts a market capitalization of $1.4 billion.
Bottom Line
The cryptocurrency market is gearing up for an extraordinary rise, fueled by the latest Bitcoin halving. While Bitcoin (BTC) will likely initiate this parabolic upward trend, altcoins typically follow suit. Therefore, it’s crucial to choose wisely when selecting which crypto to invest in for optimal portfolio returns. Notable mentions include Shiba Inu (SHIB), GALA, and Solana (SOL). These tokens have demonstrated significant potential in the past by surging in value whenever Bitcoin moves, making them worth considering during this market rally.
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2024-04-24 00:08