As a seasoned researcher with years of hands-on experience in the cryptocurrency market, I find myself intrigued by Ripple’s recent announcements to enhance programmability on the XRP Ledger. This development could potentially position XRPL as a serious competitor in the smart contract arena and DeFi landscape.
The current price of XRP is at $0.52, representing a 0.9% increase within the day. This stability in the face of market adjustments could potentially be due to Ripple‘s recent efforts to improve programmability on the XRP Ledger (XRPL), thereby strengthening its smart contract capabilities. Nonetheless, if the price trend for XRP does not change, it might be worth keeping an eye on other top currencies like Stellar (XLM), Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT).
Cryptos to Watch Amid Ripple’s XRP Future Plans Reveal
Earlier this month, Ripple shared some new insights on the protocol plans to enhance programmability on the XRP Ledger (XRPL). These improvements aim to expand the platform’s smart contract capabilities, allowing developers to build a wider array of decentralized applications (dApps) directly on XRPL.
Developers can now tailor the transaction logic of XRP by using Hooks and sidechains, ensuring that it remains both efficient and affordable. This enhancement makes XRPL an even stronger tool for decentralized finance (DeFi), non-fungible tokens (NFTs), and various other applications, expanding its versatility and scalability within the ecosystem.
Stellar (XLM)
Among the top cryptocurrencies to keep an eye on, Stellar (XLM) stands out as it challenges XRP‘s ambition for a global payment system. A recent announcement by Brad Garlinghouse suggests Ripple’s strong influence in this specific sector, potentially affecting the user activity of Stellar.
Based on Coinglass data, the open interest for XLM has been gradually decreasing since late July and currently stands at approximately $27.4 million. This decline suggests decreased enthusiasm among market players to initiate new trades, and if this trend continues, it could foster a pessimistic outlook.
At the time this article was published, the estimated trading price for Stellar stood at approximately $0.088, with its total market capitalization remaining steady at around $2.6 billion.
Solana (SOL)
As a crypto enthusiast, I’m keeping a close eye on Solana (SOL) due to its impressive low transaction fees and swift performance. At the moment, the price of Solana stands at around $127, with the market capitalization holding steady at approximately $59.7 billion.
The asset has recently faced a notable correction to $120 following the vampire attack from Tron’s Sunpump platform. As the SOL price stabilized from mounting selling pressure, the network witnessed a sudden spike in new addresses, reaching its peak at 2.81 million, according to the block.
The growth indicates the rising user base and engagement in the Solana network, a core signal to drive natural demand for SOL. For a detailed analysis, check out our top crypto to buy.
Cardano (ADA)
In simple terms, Cardano (ADA) is a significant contender in the realm of decentralized apps and sustainable technologies. The digital currency associated with it, ADA, is currently valued at around $0.32, and its market capitalization reaches an impressive $11.7 Billion.
Based on Santiment’s analysis, the 30-day Market Value to Realized Value (MVRV) ratio is currently -5.83. This suggests that short-term traders are experiencing losses because they have paid more for their assets than what they could sell them for now, as the MVRV ratio evaluates whether an asset is overpriced or underpriced by looking at its current market value versus the price originally paid.
A low MVRM (Miners’ Verified Realized Value) may indicate increased chances of distress selling that could prolong market downturns. Yet, these circumstances in the past have typically foreshadowed a possible recovery, as the departure of speculative traders tends to draw in long-term investors seeking undervalued opportunities.
Avalanche (AVAX)
Over a two-week period, the cryptocurrency Avalanche (AVAX) experienced a V-shaped reversal, dropping from approximately $28 to $21.7, representing a 22% decrease in value. This decline resulted in a decrease of its market capitalization to around $11.7 billion.
As an analyst, I’ve noticed that although there seems to be a corrective phase in play, the number of addresses holding Avalanche (AVAX) has persistently increased, reaching approximately 8.8 million addresses, as per the latest data from Intotheblock analytics.
The increasing activity on the blockchain suggests an expanding user community and heightened interest in the Avalanche protocol. If this buying trend continues, analysts predict the Avalanche price may reach levels above $25.
Polkadot (DOT)
Polkadot (DOT) functions as a versatile blockchain network that facilitates various blockchains to work together seamlessly. Over the course of the past six months, under the influence of a descending trendline, the price of DOT has gradually decreased from $11.8 to $4.08 – representing a significant drop of 65%.
As a researcher, I’ve been keeping an eye on several digital assets, and one that has caught my attention is DOT. Interestingly, the Open Interest (OI) for this coin has seen a significant drop from approximately $387.5 Million to $183 Million – a decrease of around 52%. This substantial decline in OI suggests a decreased interest among market participants in trading this asset, which could potentially lead to an extended correction period.
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2024-09-08 01:50