XRP price is back above the $0.50 mark, recording a 12% surge on the weekly chart. This is the first time the coin has managed to cross the key resistance since April 19.
The upswing has to do with the recent increase in network activity on XRP Ledger, which led to a jump in daily active addresses from 18,090 to 490,350 between May 26 and May 29. Interestingly, it is the second-highest volume of user activity registered on the network ever.
Can the rise in network activity translate to significant price action for XRP? Or, is it better to invest in emerging cryptos with larger growth potential? Here is an analysis.
Ripple Ledger Network is Attracting Large User Activity
XRP price is on a rebound after dipping to $0.41 on 12 May 2023. The uptrend is keeping up with no signs of weakness. The journey was further strengthened by the 2600%+ spike in user activity, as recorded on May 27.
The unique wallet addresses interacting on the network have been on the rise, according to Santiment. It is represented by the metric Daily Active Addresses. That translates to the increasing demand for services on the network, which has created organic buying pressure for the token.
XRP daily active addresses, source: Santiment
However, the XRP social sentiment is still pessimistic. It will take a few more days for investors to catch up with the news. When that happens, the token is likely to reap attractive two-digit gains. For example, the last time XRP registered a surge in network activity, the token price climbed 42% within ten days.
What’s a Realistic Target for XRP in June?
As more investors buy into the rally, XRP can expect to climb higher in the coming weeks. However, a strong hike is far-fetched at this point unless speculative traders join the bull run. A realistic target for XRP, if the daily network activity maintains momentum, is $0.55.
With the negative narratives surrounding the Ripple-SEC case, investors are apprehensive about pouring large money into the token. This is especially true in the case of new investors, who would rather invest in alternative high-cap cryptos like Bitcoin, Ethereum, or Cardano. XRP is not a widely popular choice as it is prone to high volatility, tied to the developments of the case.
XRP 1-month price overview, 1 June 2023, CoinMarketCap
The XRP price has moved in both directions, depending on how the case developments favor or threaten the coin and its ecosystem, in the past. The coin has yet to come to a point where it is regarded as a safe long-term hold. As a result, a run past $0.6 is a long shot for XRP now. But it can happen if the social sentiments improve and FOMO takes over.
That said, the price surge may end at $0.54 and dip below $0.42 if the broader market turns red. Slipping daily activities can also trigger a similar downturn before it finds a key support level at $0.40.
50% vs 50X – Why Investors Prefer Low-cap Cryptos
Time and again, high-cap cryptos prove that they have saturated. Investors who hold on to these assets in the hope of making a fortune are going to be disappointed.
For example, BTC has been oscillating between $26K and $30K for a month now. In fact, it is struggling to break past $30K since January. As far as BTC is concerned, anything beyond $35K is a sign of strength. Even a 30% surge would be a pleasant surprise for BTC holders. ETH, on the other hand, has been hovering under $2000 for a while now. That is likely to be the case throughout the year too, unless a major bull run takes over the market. Even if that happens, it doesn’t have the vigor to climb beyond $2500.
The large market caps of top cryptocurrencies don’t allow them to expand. It is unrealistic to expect them to bring multifold returns like they did two years back. Investors looking to reap large returns from the market should look at promising, low-cap cryptos. These could be new or underrated tokens that have a larger room for growth. It is best to diversify the picks to tap into the growth of multiple sectors.
A highly volatile niche that has a history of generating up to 5000% returns in days is meme coins. Although the market is crowded with flimsy tokens, there are gems that can reward early investors generously. But make sure you invest in projects with good community or utility backing. Or else, they can wipe out your wallet overnight.
Market-relevant, utility-rich tokens are equally rewarding, but less volatile. They take longer to book returns, but are more stable when compared to meme coins. Some trending utility sectors are trading, climate action, play-to-earn, and health.
In this article, we have listed four projects that have multifold growth potential across different sectors.
1. Wall Street Memes ($WSM) – Credible Presale Meme Coin with a 1-Million Community
Wall Street Memes token is the latest meme coin sensation. It is breaking records as the presale blazes ahead with no signs of a slow-down. To give you a better perspective, the token crossed the $1M milestone in three days.
What’s the big deal?
$WSM capitalizes on the wild popularity of the Wall Street Meme movement, which is known for selling out its first NFT collection, Wall St Bulls (on Ethereum), within 32 minutes in 2021. The community is one of the most popular on the internet, especially among investors, with 1M+ followers across different platforms.
It steps into the meme coin market with a straightforward mission – to allow ordinary people to become rich. Other than that, it doesn’t have any use or utility. While that may sound too ambitious to an outsider, an analysis of the crypto market over the years reveals the concept’s potential. Especially with large community support.
Given that even Elon Musk, an avid meme coin fan himself, has engaged with the community, Wall Street Memes is onto something huge.
Literally
— Elon Musk (@elonmusk) March 18, 2023
Industry analysts predict $WSM to explode on its initial exchange launches scheduled for later this year. It has the potential to surge to a $3B market cap within the first month of release, securing its position as the third-largest meme coin. It remains to be seen whether it will dethrone Shiba Inu next.
The Wall Street Memes token presale is now open. Divided into multiple stages, it comes with attractive discounts for early investors. A $50,000 giveaway is also live as part of the project’s community-expansion initiatives.
2. AiDoge ($AI) – Utility-Rich Meme Coin Launching Soon
Another interesting meme coin to buy now at a low entry point is AiDoge – the native crypto of a meme generation platform of the same name. The platform that combines AI, memes, and meme coins launched its presale a few weeks back and sold out ahead of schedule due to overwhelming traffic. But investors can buy the meme coin at the listing price till the initial exchange launch.
One of the key reasons that went into the grand reception of the meme coin is its fun and unique utility. You need the token to buy credits on the platform and use the AI-based meme generation tool. It allows you to convert your text inputs into ready-to-publish memes within minutes. The quirky use case targets the young generation in their late 20s and early 30s who grew up communicating through memes. Web 2.0, characterized by social media, owes its success to memes a great deal. AiDoge takes it to the next level using Web 3.0 and AI.
AiDoge has the potential to go 10-20X on its token listing.
3. yPredict ($YPRED) – A Utility Token Specifically Built for Developers, Traders, Quants and Analysts
If you’re looking for a cryptocurrency backed by a highly market-relevant utility, yPredict is an excellent choice this year. The token is underpinned by an all-in-one AI ecosystem dedicated to traders, developers, quants, and analysts.
It hosts a marketplace that features crypto predictive models developed by top AI experts, quants, and analysts. You can subscribe to them using your YPRED tokens on a monthly basis. YPRED token holders also get access to various tools and metrics on the platform for free.
yPredict’s potential as a marketplace for predictive models is large. If the ecosystem unfolds as planned, bringing in top experts from different fields, and it wins a large user base, YPRED will prove to be an excellent long-term investment.
4. Ecoterra – Green Crypto with Excellent Scope for Mainstream Adoption
We wrap up this list with Ecoterra – a green cryptocurrency with recycle-to-earn utilities that gives it large scope for mainstream adoption this year. The sustainable ecosystem of Ecoterra is dedicated to bringing more vigor to climate action through recycling, carbon offsetting, and impact profiles. It aims to achieve its ambitious goal through crypto incentivization.
Big Milestone Alert!
$4.6 MILLION RAISED
Join us on our mission to create a greener future powered by #Blockchain #Technology https://t.co/1fYkPOsPYG#Presale #Crypto #EcoCrypto #DeFi pic.twitter.com/pmQvJzZiwL
— ecoterra (@ecoterraio) June 1, 2023
The blockchain foundation of the platform gives it a competitive edge in the market in terms of ease of coordination, transparency, and efficiency.
