The XRP price is on the cusp of a major breakout and could finally pump after being sidelined for the majority of the ongoing bull run.
With the Bitcoin price hitting $60,000 on Wednesday, the XRP price also reached $0.60 momentarily before falling back to $0.59. According to CoinMarketCap, XRP’s market capitalization is currently $32 billion.
After trading at an yearly low of $0.49 at the start of February, XRP has already pumped by over 20% and could end the month over $0.60. More importantly, the bulls need to secure a monthly close above the $0.585 resistance, which would invalidate any potential bearish scenarios.
However, low-cap alternatives to XRP are also gaining strong traction and are generating much higher returns in the short term. In particular, meme coins such as Frog Wif Hat, Smog and Meme Kombat are all surging, thanks to a series of tweets from Elon Musk which could be hinting towards the billionaire’s return to meme coin investing.
XRP Price Pumps 20% In February – Is The Bearish Downtrend Over?
XRP was the only large-cap cryptocurrency that remained sidelined from the current crypto bull run. While the BTC price has increased by 40% year-to-date, XRP is down 5% over the same period. The XRP/BTC trading pair is down 20% over the past month.
However, analysts reveal that XRP has often been a lagging cryptocurrency during this bull market. For instance, it was also one of the last tokens to breakout when crypto prices were surging during the last financial quarter of 2023.
Experts have also identified that XRP is on the cusp of breaching a bullish pennant, which could confirm a strong bullish continuation in the month of March.
The XRP Ledger continues to see increasing adoption, which will also provide a bullish impact to the token price. On Tuesday, interoperability platform Axelar Network announced its integration with XRPL, enabling secure and efficient transfer of assets across 55+ blockchains. It will also build real-world asset (RWA) and DeFi capabilities on the XRPL.
The bulls would hope for more clarity in Ripple’s ongoing lawsuit with the SEC, specifically if the penalty levied on the company for its illegal institutional sales would be large enough to negatively impact the XRP price. However, this decision is unlikely to be made before May of this year.
More importantly, XRP’s non-security status remains the law of the land for the foreseeable future.
Meme Coins Outperform XRP – 3 Best Cryptos Under $1
On Tuesday, Elon Musk posted on X that he will “get back on the meme grindstone”. The bulls have taken this as a subtle nod towards Musk returning back to publicly buying and promoting Dogecoin and other meme tokens.
As a result, the Dogecoin price is up 4% today. However, both Pepe and Bonk have gone parabolic, surging by 186% and 40% respectively over the past week.
Low-cap meme coins are also displaying growth. For instance, a new ERC-20 token Frog Wif Hat ($FWIF) printed a 60% green candle today before a marginal pull back. After its fair launch on Monday on Uniswap, the new meme coin saw an immediate 200% spike in its value and is being backed by analysts such as Jacob Bury to potentially offer 100x returns.
After all, the token is inspired by another meme coin sensation Dogwifhat, which hit its new all-time high on Tuesday. Furthermore, the developer team behind the project is set to launch $FWIF on Solana as well, which could push it towards a new all-time high.
Smog is another multi-chain meme coin – available both on Ethereum and Solana – that is in high demand. Despite being down 50% from its all-time high, $SMOG is already up 3400% from its launch price in just three weeks.
Smog aims to deliver the “greatest airdrop in Solana history”, promising to reward over 10,000 loyal community members. Investors simply need to buy and hold $SMOG and register for the airdrop on Zealy. They can complete daily quests on Zealy as well to increase the likelihood of a bigger drop.
Investors can currently buy $SMOG at a 10% markdown if they choose to purchase with ETH. It will also allow them to stake their holdings and earn staking rewards at an APY of 42%.
Even presale meme tokens are receiving high interest. A play-to-earn token Meme Kombat has already raised over $10 million in its ICO. Analysts such as Michael Wrubel believe that $MK could see 100x growth after its launch, thanks to its lucrative staking rewards and a fully-doxxed team.
The project will launch its own Web3 game in which players can bet on their favorite meme coin mascot such as Doge, Shiba, Pepe, Floki etc. These characters will engage in exciting AI-simulated battles and the outcome will be fair and unpredictable.
However, the FOMO is strong with Meme Kombat, considering that it is set to launch on the 5th of March.
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