Bitcoin has surged to reach the $67,000 level, signaling a recovery in the cryptocurrency market. Within 24 hours, the total market value has increased by approximately 2.50%, soaring to $2.55 trillion on May 18. As the market rises, attention has shifted to cryptocurrencies with a market value below $50 billion that are approaching this threshold. Let’s take a closer look at two standout options.
XRP, a digital asset that has always been a topic of speculation among investors, has struggled to maintain a price above $1. It has been particularly challenging for XRP to find support above the $0.50 level. Nevertheless, investors remain optimistic about its future. If the ongoing legal disputes between Ripple, the issuer of XRP, and the Securities and Exchange Commission (SEC) are resolved, it could provide significant support for XRP. Furthermore, the upcoming launch of a stablecoin by Ripple is expected to attract larger investor groups to the platform, which would benefit XRP and contribute to Ripple’s ecosystem. In addition, recent reports have revealed that XRP whales have made significant purchases, accumulating $55 million in the last two weeks. These factors, as the first half of 2024 nears completion, have the potential to drive a price movement in XRP and possibly push it towards a market value of $50 billion. Currently, XRP is trading at $0.52 with a market value of $28.8 billion.
Moving on to Dogecoin (DOGE), there is a debate in the market about whether it is time for DOGE to reach its historic peak of $1 as the first half of 2024 comes to an end. DOGE, the leading meme coin in terms of volume, has a market value of approximately $22 billion and boasts around 7 million on-chain investors. Notably, renowned cryptocurrency analyst World Of Charts has suggested that Dogecoin is approaching a critical descending trend line, and a breakout from this trend line could trigger a potential 100% increase, setting a target of $0.29. DOGE also benefits from the support of one of its biggest advocates, Elon Musk. The introduction of future products similar to X Payments is expected to enhance Dogecoin’s utility, increase its awareness, and drive its price. Currently, DOGE is trading at $0.1527 with a market value of $22 billion, and it is moving closer to a market value of $50 billion. It is worth noting that DOGE reached a market cap of $88.8 billion in the past.
As always, it is important to mention that the information provided in this article should not be considered as investment advice. Cryptocurrencies are highly volatile and carry risk, so investors should conduct their own research before making any decisions. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
