3 XRP Rivals to Buy in August for 100X Returns

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As a seasoned crypto investor with over a decade of experience navigating the volatile waters of digital assets, I find myself drawn to three XRP rivals that are primed for exponential growth in August: Solana (SOL), Dogecoin (DOGE), and Cardano (ADA).

The significant victory that Ripple achieved against the Securities and Exchange Commission (SEC) following a long legal fight has become a pivotal moment in the cryptocurrency sector. Particularly, this win could significantly influence three XRP competitors who are vying for a place in the U.S. ETF approval process.

3 XRP Rivals to Buy in August for 100x Returns

As the Bitcoin and cryptocurrency market bounce back with the incoming tide, three potential frontrunners among XRP competitors are poised for a significant surge: Solana (SOL), Dogecoin (DOGE), and Cardano (ADA). This article will explore the underlying factors driving these digital currencies and why they might be worth considering for inclusion in investment portfolios, with potential returns of up to 100 times the initial investment.

1. Solana (SOL)

Solana has gained popularity due to its significant fluctuations in price, whether they’re going up or down. The market collapse that occurred in August led to a dramatic drop in SOL‘s value to approximately $110. However, this dip provided an opportunity for buyers, who quickly acquired liquidity, setting the stage for a swift recovery that brought SOL back up to around $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.

3 XRP Rivals to Buy in August for 100X Returns

In the U.S., there’s talk of Solana being considered for inclusion in a spot ETF. The approval of Ethereum ETFs in July has heightened competition among other cryptocurrencies like Solana, pushing them towards achieving similar milestones. This development could potentially boost demand as more investors look to invest indirectly on stock exchanges, and solidify Solana’s status as a credible global investment. Predictions for the SOL price further support this optimistic view, hinting at a potential rise above $200 and even reaching an all-time high.

2. Cardano (ADA)

Contrary to other competitors of XRP, the price of Cardano saw a minor dip of 0.5% on August 22, reaching $0.3711. Yet, despite this, ADA experienced a significant 14% jump in the past week, demonstrating its resilience and capacity to bounce back after significant drops in price.

Significant investors, often referred to as ‘whales’, have lately taken an interest in Cardano, buying more during price drops to expand their holdings. As per Santiment data, addresses containing between 1 million and 10 million ADA increased their holdings significantly, accounting for nearly 16% of the total supply, up from 15.56% in mid-July.

During the same timeframe, the number of addresses containing a billion ADA saw their balances grow by approximately 5.23%, up from 4.61%. With the rising appetite for risk among large investors (whales), it’s expected that Cardano will pick up speed, moving in tandem with other competitors such as XRP.

3 XRP Rivals to Buy in August for 100X Returns

The security of Cardano, much like Solana’s, has come under scrutiny by the SEC. This could potentially reduce the likelihood of ADA being included in a Spot ETF. Furthermore, prolonged periods of selling might deter investors from keeping Cardano, which in turn could lead to a continued downward trend.

3. Dogecoin (DOGE)

For quite some time now, Dogecoin has held the position of being the most well-known meme coin. This longevity can be linked to the advantage of being an early player in the market. Moreover, Dogecoin’s connection with Elon Musk, the head of Twitter, often sparks curiosity among crypto enthusiasts.

According to IntoTheBlock’s GIOM model, Dogecoin is currently profitable for approximately 72.5% of its wallets, translating to about 4.65 million wallets in profit compared to 25.63% or 1.64 million wallets in loss. This suggests that Dogecoin’s profitability will persist as the crypto market recovers, positioning it as one of the top contenders competing with XRP.

3 XRP Rivals to Buy in August for 100X Returns

The price of Dogecoin stood at $0.1054 following a 5.2% rise over the past week. It’s essential for the coin to maintain support at $0.10 for the upward trend to continue. Until Dogecoin surpasses $0.12, there’s still a chance it could dip down to $0.08.

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2024-08-22 22:44