As the broader cryptocurrency market grapples with bearish trends, two notable altcoins, XRP and Dogecoin (DOGE), stand out with the potential to reach a $50 billion market capitalization.
Despite recent setbacks and prevailing market sentiments, these cryptocurrencies exhibit key indicators and developments that could drive their market cap to new heights.
XRP Faces Uphill Battle but Optimism Persists
XRP, Ripple’s ecosystem native token, has struggled to break past the $1 mark and faces significant downward pressure. However, optimism among market participants remains high, fueled by positive developments in Ripple’s legal battles with the SEC and the planned launch of a stablecoin.
Current market data shows XRP’s market capitalization at $28.5 billion, indicating an 80% increase is required to reach the coveted $50 billion milestone.
Technical analysis shared on X (former Twitter) by Dark Defender suggests a potential rally, noting similarities in XRP’s current trading pattern to its behavior between 2013 and 2017, which preceded a substantial uptrend.
Dogecoin (DOGE)
Dogecoin, the meme-inspired cryptocurrency, experienced a setback in its journey towards $1 and a $50 billion market cap amid the recent bearish market sentiment. Despite this, on-chain metrics shared by Santiment indicate growing confidence in DOGE, with a 13.8% increase in non-empty wallets over the last three months.
The total amount of non-empty #Bitcoin wallets are rapidly growing despite choppy prices. #Altcoin wallets for assets like #Dogecoin have flattened after enormous rises earlier this year. #Cardano is one of the few networks to see active wallets drop. https://t.co/itg9qMes7c pic.twitter.com/yrOlEQw3jy
— Santiment (@santimentfeed) April 27, 2024
Ali Martinez, a crypto analyst, predicts a potential price spike for DOGE after a consolidation phase, citing a “descending triangle” pattern. Dogecoin’s market capitalization currently stands at a level requiring a 150% increase to reach $50 billion.
Moreover, Dogecoin is poised to capitalize on its strong backing, including prominent supporters like Tesla CEO Elon Musk, and upcoming initiatives such as X Payments. However, achieving a $50 billion market capitalization would necessitate a substantial 150% increase in Dogecoin’s value.
Broader Market Conditions and Post-Halving Expectations
The current bearish state of the cryptocurrency market, led by Bitcoin’s struggle to maintain its price above $60,000, presents challenges for altcoins like XRP and DOGE. However, the anticipation of an upcoming altcoin season offers a glimmer of hope for these assets.
As May approaches, there is anticipation of a potential post-halving rally, which could benefit XRP and DOGE in their pursuit of reaching a $50 billion market cap. Despite the short-term challenges, both cryptocurrencies retain fundamentals and supportive factors that could drive their growth amidst the broader market conditions.
