The broader crypto market is in a bearish trend, led by Bitcoin, which is struggling to keep its price above $60,000. In particular, the market reacted negatively to Bitcoin’s halving event in the short term. However, there are indications that several cryptocurrencies may experience an increase in their market values. In this context, crypto expert Justinas Baltrusaitis identified two tokens that are likely to reach a market value of $ 50 billion in May 2024.
The first cryptocurrency: Ripple (XRP)
Undoubtedly, XRP’s price performance has been a source of disappointment for many investors. It remains in a consolidated phase predominantly below the $1 level. Currently, the token is facing downward pressure from overall market sentiment. That’s why it’s having a hard time maintaining the $0.50 threshold.
However, many market participants remain optimistic about XRP’s prospects in the coming months. In particular, positive developments arising from the ongoing legal disputes between Ripple and the US SEC could serve as important catalysts for the token to regain momentum. Additionally, it is possible that Ripple’s planned stablecoin launch will attract more participants to its platform. Experts see this as a positive move that will benefit XRP.
Price predictions for XRP Coin
From a technical analysis perspective, analyst Dark Defender notes that XRP exhibits a trading pattern reminiscent of its behavior between 2013 and 2017. The analyst highlights the similarities in price movements, particularly with regard to the lows aligning with a key support line that precedes a significant uptrend in XRP’s value.
As the market moves into May, this pattern could potentially set the stage for a rally. This could potentially lead to a market value of $50 billion. Currently, XRP’s market cap is $27.64 billion. This suggests that an 80% increase would be required to reach the desired $50 billion milestone.
Second ranked cryptocurrency: Dogecoin (DOGE)
In April, the meme coin looked poised to hit the $1 milestone. Thus, it would potentially reach a market cap of $50 billion. However, it faced a setback due to prevailing bear market sentiment. Notably, several on-chain metrics are showing bullish signs for Dogecoin (DOGE). Despite the recent underperformance, April 27 data from crypto market intelligence platform Santiment revealed a 13.8% increase in non-empty DOGE wallets in the past three months. This increase indicates that confidence in the meme coin is increasing and possibly translating into investor confidence.
Additionally, crypto analyst Ali Martinez predicts a potential price increase for DOGE soon. Martinez suggests that after a consolidation phase following the “descending triangle” formation, DOGE could reach the $1 milestone, reflecting past performance.
In addition, we should not forget the support that Dogecoin received from Tesla CEO Elon Musk. Related products such as the upcoming X Payments will also have a potential impact. Dogecoin will need a significant 150% increase to reach the $50 billion market cap threshold.
The opinions and predictions in the article are the opinions of analysts and experts and are definitely not investment advice. cryptokoin.com We recommend that you do your own research before investing.
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