As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed countless trends and fluctuations that have shaped this dynamic industry. In my opinion, the recent developments in the SEC vs. Ripple lawsuit have created an interesting landscape for potential investments. If the US SEC decides to appeal the verdict, it could trigger panic selling among XRP holders, creating an opportunity for other players in the market to shine.
Even though Ripple emerged victorious in the SEC lawsuit, investors are still on edge, eagerly anticipating the US SEC’s next move. If the regulatory body decides to appeal, it might instigate a brief spell of panic selling among XRP holders. In such turbulent times, these five promising XRP alternatives, or competitors that could potentially multiply an investor’s portfolio by 10 times, may become attractive options.
5 XRP Rivals With 10x Potential by December 2024
Listed below are five XRP competitors that could 10x by December 2024.
Stellar (XLM)
As an analyst, I’ve observed an intriguing development: Chris Larsen, a key figure behind both Ripple and Stellar, has recently expressed his backing for Kamala Harris in a written endorsement on September 6th. In the days following this announcement, XLM, a coin often seen as a competitor to XRP, has surged by approximately 12%, currently trading at $0.0957.
Sui (SUI)
Recently, this token is being widely discussed as a potential competitor to Solana and has significant growth prospects based on current investor narratives. Typically, high-ranking cryptocurrencies surge in value due to prevailing investor narratives.
Alongside being labeled as a potential rival to Solana, SUI may also be seen as a competitor to Ripple, given its rapid transaction speeds and affordable fees. Yet, the challenge for this project lies in onboarding users, which some view as a disadvantage. Nevertheless, in crisis situations, narratives can significantly boost prices, even if the underlying fundamentals are weak.
So far this year, the return on investment (ROI) for SUI has reached 30%. However, it’s important to note that as recently as March, this figure was a staggering 183%. This demonstrates the significant potential or capacity that this Ripple competitor might have in enabling investors to achieve tenfold returns.
Toncoin (TON)
The digital currency Toncoin, which operates on the Telegram platform, has been gaining considerable attention. A significant factor contributing to TON‘s recent rise is the arrest of Pavel Durov, the founder of Telegram, in France. Moreover, Toncoin has been compared favorably to Solana due to its low transaction fees, extensive functionalities, and user-friendly onboarding process through Telegram, one of the most widely used messaging apps. As a result, it stands as a strong competitor not only in the digital currency market but also against XRP.
Option 1:
Starting from its lowest point on September 6, Toncoin’s price has surged by approximately 27%, now standing at $5.65. But if the United States Securities and Exchange Commission chooses to challenge this decision, it might propel Toncoin prices even higher.
Cardano (ADA)
Cardano was one of the first Ethereum-killers, but of late, ADA has faced slack from the community due to lack of upgrades. Regardless, the delays in project-based updates have never held price back. Between October 2023 and March 2024, Cardano price shot up 283%, showing that this token has performed better during bull runs than most of its peers. As a result, Cardano is one of the best XRP rivals on which investors need to keep a close eye.
Right now, the price of ADA appears to be following a well-known pattern in trading called a “W” or double bottom formation. If this pattern successfully completes, it could potentially propel Cardano up to around $0.446.
Dogecoin (DOGE)
Dogecoin, the pioneering and leading meme coin, is currently the main competitor for XRP. Dogecoin has significantly influenced the crypto market and its users over time. In recent weeks, this cryptocurrency based on a dog theme has been experiencing a steady decline within a narrow range. A breakout from this falling wedge pattern could potentially lead to a 40% surge, pushing Dogecoin’s value up to $0.148.
Despite being a humor-based cryptocurrency, it has proven its resilience over time and may very well emerge as a strong competitor to Ripple, potentially multiplying investors’ portfolios by tenfold by the end of 2024.
Conclusion
Here are the top five XRP competitors, not ranked in any specific order. But if we were to prioritize them based on potential for significant returns, Dogecoin (DOGE) might take the lead, followed closely by Cardano (ADA), The Open Network (TON), Solana (SUI), and Stellar Lumens (XLM).
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2024-09-13 18:06