With Bitcoin surging to a record-breaking $67,000, there are signs of recovery in the cryptocurrency market. Within a 24-hour period, the total market value increased by approximately 2.50%, reaching $2.55 trillion on May 18. As the market rises, attention is being drawn to some cryptocurrencies with a market value just below $50 billion. Let’s take a closer look at two of them.
XRP has always been a source of uncertainty for investors. Its price has consistently remained below $1, and finding support above the $0.50 level has proven challenging. However, there is still 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. Additionally, Ripple’s upcoming stablecoin launch might attract larger investor groups, benefiting XRP and contributing to Ripple’s ecosystem. Furthermore, XRP whales have recently made substantial purchases, accumulating $55 million in the last two weeks. These factors, combined with the completion of the first half of 2024, could potentially lead to a price movement in XRP and potentially 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 heated debate in the market about whether it is time for DOGE to reach its historic peak of $1. As the leader in terms of volume in the meme coin world, DOGE has a market value of approximately $22 billion and around 7 million on-chain investors. Renowned cryptocurrency analyst World Of Charts has recently stated that Dogecoin is approaching a critical descending trend line, and a breakout from this trend line could potentially lead to a 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 could contribute to Dogecoin’s utility, increasing its awareness and price. Currently, 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 reached a market cap of $88.8 billion in the past.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
