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Cryptocurrency market experienced significant activity in 2024, characterized by strong rallies of leading cryptocurrencies, the approval of exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH) in the US, and Bitcoin’s block reward halving event in April. This vibrant environment sets the stage for potential growth in various cryptocurrencies. Notably, Ripple’s XRP and Dogecoin (DOGE) stand out as two altcoins likely to reach a market value of $50 billion by the second half of the year, thanks to strong fundamentals and market developments.
Major Breakout Potential in XRP
XRP’s journey towards a $50 billion market value has been challenging, with its price mostly consolidating below $1. Currently, XRP struggles to maintain support above $0.55, facing downward pressure. Despite missing the recent bull run, XRP remains optimistic due to recent legal developments between Ripple Labs and the US Securities and Exchange Commission (SEC).
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Cryptocurrency analyst Blockchainedbb noted on social media platform X that XRP’s long consolidation period of over 700 days might soon end with a significant breakout. The altcoin has been confined to a price range around $0.52, and such long consolidation periods often precede major price movements. Investors and analysts are closely monitoring this potential breakout and expecting a notable rally.
Additionally, Ripple‘s monthly token unlocks and occasional sales could contribute to the market value by inflating the circulating supply. Currently, XRP is trading at $0.5291 with a market value of $29.34 billion, requiring approximately a 70% increase to reach a $50 billion market value.
Volatility and Growth Potential in Dogecoin
Dogecoin has become a significant asset in the cryptocurrency market, showing both high potential and volatility. Recent developments indicate that Dogecoin’s DOGE might rally soon. Dogecoin whales have shown intense interest in the altcoin, accumulating over 1 billion DOGE worth $157 million in the past few days.
Cryptocurrency analyst and trader Kevin highlighted technical indicators suggesting an imminent breakout for Dogecoin. The two-month Bollinger Bands Breakout indicator and the upcoming two-month LMACD bullish crossover signal significant price movement, marking the first major move since November 2020. This analysis indicates that Dogecoin is preparing for a significant move similar to its past performance patterns.
Dogecoin also benefits from the support of influential figures like Tesla CEO Elon Musk, which drives more interest and adoption. Currently, Dogecoin is trading at $0.1631 with a market value of $23.58 billion, requiring approximately a 112% increase to reach a $50 billion market value.
