XRP price could clinch an ambitious two-digit value if XRP’s market cap soars to equal that of electric vehicle (EV) manufacturer Tesla.
The market has not been particularly favorable to XRP in recent times. While some top assets, including Bitcoin (BTC) have recorded new all-time highs in the current cycle, XRP still trades below the peak it attained six years ago.
XRP’s Underperformance
Recall that XRP failed to surpass this $3.31 peak during the 2021 bull run. The altcoin merely soared to a $1.96 high but failed to capitalize on the broader market rally in Q4 2021. The rest of the market witnessed new all-time peaks, but XRP failed to follow suit.
Now, as the ongoing bull market progresses, some market participants suggest XRP might again miss out on another bull rally. The asset has failed to even reclaim the $1 price, much less retest the $1.96 high of the previous bull rally. Notably, XRP’s inability to surpass its previous highs has kept its market cap at lower levels.
Following its introduction, XRP battled to secure the second spot of largest crypto assets for a time. At some point, this battle was persistently with Ethereum (ETH). However, at press time, Ethereum has completely secured this spot, with a market cap of $300 billion. Meanwhile, XRP’s market cap only sits at $28.6 billion, making it the seventh-largest cryptocurrency.
XRP Price if It Equals Tesla Market Cap
Despite this, certain experts suggest that XRP could be on the verge of a comeback uptrend. Some of these commentators try to compare XRP’s impending resurgence to Tesla’s market growth. In May, market analyst EGRAG asserted that selling XRP at the current price level is akin to selling Tesla stock when it traded for $2.50.
However, an interesting comparison from last August also showed that despite XRP’s underperformance, it still performed better than Tesla over a 10-year period. Notably, $100 invested in XRP as of August 2013 yielded $9,222 in August 2023. In comparison, Tesla boasted a yield of $2,189 within the same period.
Nonetheless, Tesla’s overall growth has been nothing short of extraordinary. The Tesla stock currently trades for $200.64 amid a 0.88% increase over the past 24 hours. At this price, its market cap currently stands at $640.97 billion, significantly higher than XRP’s $28.6 billion.
Tesla Stock and Market Cap
We recently assessed how much XRP’s price would be if it captures Tesla’s market cap. Notably, at a market cap of $640.97 billion, XRP price would soar to $11.44 assuming the current 55.99 billion circulating supply remains fairly constant. This would mark a 2,145% increase from the current price of $0.5094.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
XRP, one of the top cryptocurrencies, is getting a lot of attention in the market as it prepares for a potentially historic price surge. With a daily trading volume of over a billion dollars, XRP’s recent 20% surge has got investors interested again, especially after a favorable legal development that has given the asset a boost.
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There is even more excitement around XRP because a bullish triangle pattern is starting to emerge on its monthly chart. This technical formation, marked by trendlines that are converging within an ongoing uptrend, is often a sign that there will be big price movements. The pattern shows that more and more people are buying, and there is a good chance that XRP will break out above the upper trend line, which could lead to a big jump in its price.
While this setup is promising, it is important for investors to proceed with caution. While the bullish pattern is historically associated with price increases, it does not necessarily guarantee future performance. The cryptocurrency market is still pretty volatile, and things like how the broader market is doing and new regulations could have a big impact on XRP’s future.
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As XRP gets ready for what could be its biggest price change ever, people in the market are watching for signs of a big move. It is not yet clear if XRP will successfully break through the resistance level and start a new rally. The outcome will depend on the market as a whole and what investors decide.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The last day of the week started bullish for most coins, however, bears seized the initiative later, according to CoinStats.
XRP chart by CoinStats
XRP/USD
The rate of XRP has gone down by 3.71% since yesterday. Over the last week, the price has risen by 5.62%.
On the hourly chart, the price of XRP is setting new local lows. If the bar closes below the support of $0.5760, the correction is likely to continue to the $0.56 range soon.
Sellers are also powerful on the daily time frame. One should pay attention to the interim level of $0.5656. If a breakout happens, the accumulated energy might be enough for a continued downward move to the $0.55 area.
XRP has long been a topic of discussion within the cryptocurrency community, with some commentators predicting massive price surges based on its numerous features.
Recently, analysts have been looking toward triple-digit prices, with multiple analysts predicting paths to the $100 mark. These predictions vary widely, and while XRP currently trades below $0.6, these analysts are convinced that the $100 target is within range.
Among the proponents of this high target is the pseudonymous analyst Common Sense Crypto. He bases his forecast on the growing utility of the XRP Ledger (XRPL) and the resolution of Ripple’s legal battles.
He argues that these factors could drive XRP toward the $100 level over time. Interestingly, XRP has achieved the predicted victory over the SEC, and an increase in XRPL’s adoption could help XRP reach Common Sense Crypto’s target faster.
Similarly, 24HrsCrypto, another prominent crypto analyst on X, compared Bitcoin’s historical price surge from fractions of a cent to its previous all-time high of $69,000 in 2021. He made this projection in late 2023, suggesting that if Bitcoin could achieve such extraordinary growth despite its limitations compared to XRP, XRP might also be capable of reaching $100.
Potential Timelines for XRP to Reach $100
While the $100 price target is ambitious, some commentators have offered specific timelines for when XRP might achieve this milestone. For instance, In late March after Bitcoin reached a new all-time high above $70,000, crypto analyst Andrew Forte shared a long-term prediction, forecasting a scenario where Bitcoin could rise to $1 million, Ethereum to $20,000, and XRP to $100 by 2037.
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In a separate analysis, XRP Dot, another prominent community figure, predicted that XRP could reach $100 if it captures 1% of SWIFT’s market volume. He described SWIFT as outdated, and the recent move by the BRICS bloc to ditch SWIFT in favor of a better-performing alternative supports this view.
Additionally, analysts from the crypto exchange Changelly have offered their timeline, suggesting that XRP could reach $100 by April 2040. However, these predictions come with significant caveats.
To achieve a price of $100, XRP would need to experience a surge of almost 17,000%. However, XRP has experienced bigger surges in the past, and under the right conditions, it could hit the ambitious $100 target.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
The rate of Binance Coin (BNB) has increased by 2.02% over the last 24 hours.Image by TradingView
On the hourly chart, the price of BNB is looking bullish. One should pay attention to the local level of $514. If the daily candle closes above it, the upward move is likely to continue to the $520 zone and above.Image by TradingView
On the bigger time frame, the rate of the native exchange coin is far from the main levels. However, if the price breaks the nearest resistance, there is a chance of a test of the $530-$540 zone next week.Image by TradingView
From the midterm point of view, the price of BNB has made a false breakout of the support level of $454.8.
If the weekly bar closes near its peak and with no long wick, one can expect ongoing growth to the $560-$600 range by the end of the month.
Investors have de-risked from DOGE, exposing price to more pressure
Dogecoin’s [DOGE] price has faced significant pressure after hitting its yearly high of $0.22 in March. In fact, the recent market dump dragged it lower to its early 2024 lows of $0.8, shedding an extra 40% on the charts.
However, like the rest of the market, DOGE’s recovery has been worth over 30%. It reclaimed a crucial resistance and a mid-range level of its declining channel pattern. Hence, the question – Are bulls set for extra recovery gains?
Can DOGE’s upswing continue?
Source: DOGE/USDT, TradingView
DOGE bulls strongly defended the channel’s range-low at $0.8, as shown by the long candlestick wick. However, the key market edge, at the time of writing, for an extended recovery was flipping and defending the mid-range as a support.
As of press time, the mid-range had been reclaimed and defended. This could set DOGE to eye the next bullish target and the range-high at $0.12. Such a move could add 18% gains to the recovery.
However, key price chart indicators didn’t support the aforementioned bullish thesis, at least not at press time.
Historically, whenever DOGE has climbed above the mid-range, demand, as denoted by RSI (Relative Strength Index), and inflows, as highlighted by CMF (Chaikin Money Flow), were above or near average.
An extra pump would only be feasible if demand and inflows surged too.
DOGE: Investors de-risk as outflows surge
So far, as per Coinglass data, DOGE has seen $60 million in outflows this week following investors’ risk-off approach during the recent carnage. However, the outflows eased towards the end of the week, suggesting that a trend reversal was likely.
Source: Coinglass
However, a stronger price uptrend that could tip DOGE to break above its overall downtrend could take a little longer.
The weak momentum was likely because of the declining Open Interest (OI) rates.
DOGE’s OI dropped from its March peak of over $2 billion to below $500 million, at press time. This illustrated a lack of liquidity injection on the derivatives front to fuel the memecoin and help reverse its downtrend.
Source: Coinglass
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Buyers are controlling the initiative at the beginning of the weekend, according to CoinStats.
Top coins by CoinStats
DOGE/USD
The price of DOGE has risen by 1.12% since yesterday.
On the hourly chart, the rate of DOGE is going up after a test of the local support level of $0.1033. If the upward move continues, there is a chance of a breakout of the resistance of $0.1055 shortly.
On the daily time frame, the price of the meme coin remains bearish while it is below the nearest level of $0.1080. However, if a breakout happens, the energy might be enough for growth to the $0.11 range and above.
From the midterm point of view, the rate of DOGE has made a false breakout of the support of $0.09136. But buyers have not accumulated enough strength to seize the initiative yet.
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In this case, consolidation in the area of $0.10-$0.1150 is the more likely scenario for the next few days.
Choppy crypto patterns are shaking up the market, with analysts making several bold predictions. Cardano (ADA) is expected to be the 3rd biggest utility token once Bitcoin breaks $100k, and investors are dumping dying DeFi like Ondo (ONDO) for thriving GambleFi like Rollblock (RBLK). This top altcoin is now pegged for 200x growth in 2024 alone as crypto revolutionizes the industry.
Cardano Price Predictions See 3 Big Blockchains at the Top
Cardano’s price managed to weather the recent crypto storm better than most. This week’s 20% drop in the Cardano price is in line with the rest of the market and brings Cardano’s total monthly loss to only 10%.
The latest positive Cardano price predictions are the result of the concentration of Smart Contracts and dApps users in the top utility blockchains, Ethereum and Solana. Analysts now expect Cardano to join the two top dogs at $5 for ADA as the rest of the utility chains fade into irrelevance.
Investors Move On From Ondo and DeFi Disappointment
The Ondo price had one of the worst performances this week, with a drop of almost 30%. This Ondo price drop brings the total drop from ATHs to almost 50%.
Ondo exploded into the crypto market earlier this year with the promise of being a DeFi token that actually generates revenue. While Ondo has seen some impressive adoption of its products, the latest being its US Treasury stablecoin, it still cannot compete with GambleFi’s enormous potential.
Rollblock is on course to pass Ondo in market capitalization at the current projected rate of growth. DeFi is picking up pennies compared to the untapped potential of the $450 billion global gambling industry. This potential is even bigger, considering Rollblock’s crypto casino is light years ahead of any of the competition.
Analysts expect Rollblock to rapidly take market share from traditional online casinos and take a huge bite of the projected $300 billion growth in the industry before 2028. Rollblock is the 1st token to properly bring blockchain technology to online gambling and its enormous success reflects that.
Rollblock introduces a DeFi gambling token that actively shares casino revenue with token holders. Rollblock uses up to 30% of its daily revenue to perform token buybacks. Half of these tokens will be used for rewards and the other half will be burned. This guarantees high APY rewards and a deflationary effect.
The casino itself hosts over 140 AI-powered games. These include classics like poker and blackjack, as well as live events and more. Games will soon be accompanied by a sports betting feature that will cover major sports events around the world.
RBLK is quickly selling out at $0.02 in the 5th stage of its presale. RBLK is expected to pass $1 by the end of 2024 as its presale continues to gain huge momentum.
Discover the Exciting Opportunities of the Rollblock (RBLK) Presale Today!
Ripple (XRP) price rallied 30% last week due to the favorable conclusion to the SEC vs. Ripple lawsuit that began in December 2020. Despite the recent uptick in XRP price, the chances of a correction have spiked as whales dump a massive stack of XRP tokens. As a result, investors should be cautious of a potential correction in XRP value in the coming days.
XRP Price Likely To Slide Lower
XRP price shot up 30% on August 7 and set up a swing high of $0.644, lower than the July 30 local top of $0.658. From a market structure standpoint, this lower high sends a message that the buyers could not propel the token higher, aka lack of demand. As a result, Ripple price has dropped 9% since the $0.644 swing high.
As XRP price exchanges hands at $0.585, investors can expect the 30% rally to come undone soon.
A start-of-the-week rally could push XRP, a remittance token, to retest the $0.613 resistance level. Rejection here would be a sign that buyers are exhausted. Such a signal would hint at a nearly 10% correction to the $0.560 to $0.555 support range.
On-chain Data Suggests Bearish Outlook for Ripple
While the technical perspective suggests a bearish outlook for XRP price, the on-chain data confirms it. Santiment’s Supply Distribution By Balance metric shows that wallets holding 1 million to 10 million XRP accumulated 230 million tokens from July 17 to August 2, anticipating a positive outcome of the SEC vs. Ripple lawsuit.
The same wallets started booking profits and offloading their tokens, and as of August 7, their balance reached a low of 3.8 billion after dumping 150 million XRP.
Additionally, the Whale Transaction Count indicator corroborates this movement, which tracks transfers worth $100,000 or more. This metric spiked on August 7, when the XRP price shot up 30%, indicating that these whales were selling.
The technical and on-chain data hint that institutional investors sold their holdings after the conclusion of the SEC vs. Ripple lawsuit. While a short-term correction is likely, it could be undone if Bitcoin price continues to move higher.
Such a development could interest buyers and propel the XRP price above the $0.613 critical resistance level. Flipping this barrier into a support floor could attract bullish momentum and potentially propel XRP to $0.655m, the next key hurdle.
On August 7, Judge ordered Ripple Labs to pay a $125 million fine to the Securities and Exchange Commission (SEC), concluding the 3.5 year lawsuit.
XRP price rallied 30% but failed to produce a higher high, leading to a potential correction.
On-chain data confirms a bearish outlook, with XRP whales selling their holdings after the SEC vs. Ripple lawsuit conclusion on August 7.
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Akash Girimath
Akash Girimath is an engineer at core, but is interested in the chaos of the financial markets. Akash is senior report and analyst who also trades cryptos on a regular basis and maintains a small crypto fund for friends and family.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana (SOL) has become a standout performer in the current crypto market, with a staggering 20x increase from its bear market lows. According to renowned crypto analyst Miles Deutscher, this rally might only be the beginning, with the potential for a 5-10x increase that could push SOL to $1,000.
Solana has been one of the strongest performers this cycle, up 20x from its bear market lows.
However, the party is just getting started.
I dug through the data, and shockingly, a $1,000 SOL may not be as crazy as it sounds.
Just hype or are there some facts behind this prediction? Here’s a closer look at the factors driving this optimistic outlook:
Why Solana Is Set to Surge
Consistent Relative Strength
One of the key reasons for SOL’s success is its consistent relative strength. Despite market fluctuations, Solana has maintained its prominence, largely driven by its dominance in the meme coin space.
Major Attention During Key Events
At major events like the Bitcoin conference, Solana was second only to Bitcoin in terms of attention. This increased visibility has created a positive feedback loop, boosting both interest and price.
Solana: The Casino of the Crypto World
Deutscher likens Solana to a crowded casino, where the SOL token acts as chips and meme coins as the games. The more participants enter the ecosystem, the more value is surged.
Solana’s user-friendly platforms, like Phantom, make it easier for new retail investors to get started, positioning the network to capture even more market share as interest in crypto rises.
Market Cap Potential Compared to Ethereum
Solana’s market cap, currently valued at 4.4 times that of Ethereum, has significant upside potential. If Ethereum reaches $5,000, SOL could see its price climb to between $660 and $1,320.
Leading Growth in DeFi Users
Solana is attracting new DeFi users faster than major networks like Bitcoin and Tron. This growth is fueled by the booming meme coin market, strengthening Solana’s position in DeFi.
Record-Breaking Total Value Locked (TVL)
Solana’s TVL recently reached its highest level since January 2022, surpassing $5.367 billion. Additionally, SOL’s decentralized exchange (DEX) volume has outpaced Ethereum’s on a 30-day basis, showing strong activity in the ecosystem.
Top Revenue Generator
On July 29th, Solana earned more revenue than Ethereum, Optimism, Arbitrum, and Base combined. This highlights the strength of Solana’s ecosystem, especially its role as a “meme coin casino.”
Firedancer Upgrade on the Horizon
Solana’s upcoming Firedancer upgrade is poised to be its most significant yet. As a second validator client, Firedancer aims to scale Solana’s transactions per second (TPS) to 1 million on the testnet, enhancing network efficiency and reducing vulnerabilities, making the blockchain more attractive to institutional investors.
GrowingInstitutional Adoption
Speaking of institutions, asset managers like Hamilton Lane, with $920 billion under management, are already launching funds on Solana, highlighting its growing appeal. This shift indicates Solana’s ability to compete with Ethereum in sectors like Real World Assets (RWAs).
Potential Impact of SOL ETFs
Finally, the recent filing of a SOL ETF by VanEck could be a game-changer. If approved, it would pave the way for significant institutional capital to flow into Solana. Other major players like BlackRock and Fidelity are likely to follow, further boosting SOL’s price potential.
Solana (SOL) is currently trading at $153.59, reflecting a 2.4% drop over the past 24 hours. The cryptocurrency boasts a market cap of $71.6 billion. Meanwhile, data from DefiLlama reveals that the total value locked (TVL) on Solana’s blockchain has experienced significant growth, increasing from $1.533 billion in January to $4.972 billion at present.
