With Bitcoin surpassing the $67,000 mark, the cryptocurrency market is showing signs of recovery. Within 24 hours, the total market value increased by approximately 2.50%, reaching $2.55 trillion on May 18. During this upward trend, certain cryptocurrencies with a market value approaching $50 billion have attracted attention. Let’s take a closer look at two of them.
XRP, a cryptocurrency that has always left investors uncertain about its price performance, has struggled to break the $1 threshold. Maintaining support above $0.50 has proven challenging for XRP. However, despite these obstacles, there is always optimism among investors regarding XRP’s 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, Ripple’s upcoming stablecoin launch is expected to attract larger investor groups, which would benefit XRP. This development could lead to increased adoption and contribute to Ripple’s ecosystem. Additionally, XRP whales recently made substantial purchases of the cryptocurrency, accumulating $55 million in the last two weeks. These factors, as the first half of 2024 nears its end, could potentially lay the groundwork for a price movement in XRP, possibly propelling it towards a market value of $50 billion. As of now, XRP is trading at $0.52 with a market value of $28.8 billion.
Turning our attention to Dogecoin (DOGE), there is ongoing debate in the market as to whether it is time for DOGE to reach its historical peak of $1. As the leading meme coin in terms of volume, DOGE currently has a market value of approximately $22 billion and around 7 million on-chain investors. Notably, the renowned cryptocurrency analyst World Of Charts suggested that Dogecoin is approaching a crucial descending trend line, and a breakout from this trend line could potentially trigger a 100% increase, setting a target of $0.29.
DOGE continues to benefit from the support of one of its biggest advocates, Elon Musk. It is believed that future products similar to X Payments could enhance Dogecoin’s utility, raise awareness, and drive up its price. At present, DOGE is trading at $0.1527 with a market value of $22 billion, and it is moving towards a market value of $50 billion. It’s worth noting that DOGE previously reached a market cap of $88.8 billion.
Please note that the information provided in this article should not be considered investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
