May 29, 2024
XRP Surpasses USDC Stablecoin in Market Rankings: $1 XRP Expected Soon? 
Altcoins News

XRP Surpasses USDC Stablecoin in Market Rankings: $1 XRP Expected Soon? 

The XRP price faced a setback today, declining by 2.5% to reach $0.5182, mirroring a 1% drop in the broader crypto market over the past 24 hours.

These downturns follow a robust weekend performance where cryptocurrencies surged, largely fueled by soaring Bitcoin ETF volumes. Despite a 3% weekly increase, XRP saw a 9.5% dip in the last 30 days yet managed a notable 35% gain over the past year.

Over the weekend, XRP managed to surpass USDC in market cap, potentially injecting fresh momentum into the altcoin’s trajectory for the upcoming spring.

However, despite these gains, XRP struggles to gather significant momentum, with indicators still showing signs of weakness. The 30-day average crossed below the 200-day average in late January, and the relative strength index fell below 50 over the weekend, now heading towards 40, indicating renewed selling pressure.

Source: TradingView

Of concern is the consistent decline in XRP’s support level since late November, hinting at further potential losses before stability returns. Additionally, the current 24-hour trading volume stands at a modest $800 million, suggesting a cautious market sentiment.

Large transfers of XRP indicate a leaning towards selling rather than buying among major investors, possibly contributing to potential further losses in the coming weeks.

Despite short-term challenges, the long-term outlook for XRP appears promising, particularly with the anticipated resolution of the ongoing Ripple-SEC case by summer. Although Ripple may face a substantial financial penalty, the company’s resilience and potential growth post-settlement could positively impact XRP’s trajectory, potentially propelling it towards the $1 mark in the latter half of 2024.

In the interim, as XRP awaits larger rallies, traders may explore alternative tokens with significant growth potential. One such token gaining attention is Smog (SMOG), a Solana-based meme token listed on the Jupiter DEX aggregator last week.

Despite experiencing a minor correction as early investors capitalized on profits, SMOG remains up nearly 2,000% since its initial listing. Unlike many Solana-based meme coins, SMOG has maintained most of its early gains, thanks to its unique airdrop system incentivizing long-term holding.

With regular airdrops rewarding long-term holders, SMOG aims to distribute its max supply of 1.4 billion coins strategically. With 35% allocated to airdrops, 50% to marketing, and 15% to liquidity, SMOG presents an intriguing opportunity amidst the dynamic crypto market landscape.

Image by Miloslav Hamřík from Pixabay

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