As we approach the midpoint of 2024, the cryptocurrency market continues to show dynamic changes. While some digital assets like Bitcoin and PEPE have surged, others such as XRP and Dogecoin (DOGE) have lagged behind despite their significant potential. This article delves into the performance of XRP and DOGE, analyzing which of these altcoins is more likely to reach the $1 mark in 2024.
XRP Price Analysis: Slow But Steady Potential
XRP, Ripple’s native token, has shown a lackluster performance recently, trading around $0.5297 with a market cap of $29.3 billion, ranking 7th on CoinMarketCap. Despite its historical high of $3.84, XRP has struggled, particularly since the legal battle with the SEC began in 2022. The litigation has cast a shadow over XRP, causing its price to stagnate around $0.5, peaking at $0.718 in March 2024.
However, the potential for a bullish run exists. Positive legal outcomes and a broader altcoin season could propel XRP to $1. Its historical resilience and strong market presence support this optimistic outlook.
DOGE Price Analysis: Meme Coin with Momentum
Dogecoin, the original meme coin, has maintained its presence in the crypto world for a decade. Currently priced at $0.1658 and holding an 8th position on CoinMarketCap with a market cap of $23.9 billion, DOGE has shown a remarkable ability to attract investor interest, partly fueled by celebrity endorsements.
DOGE has experienced significant volatility, hitting highs of $0.7376 and lows of $0.00008547. The predicted rally of dog-themed meme coins could push DOGE towards $1.15 this year, reflecting its potential for substantial growth despite its meme coin status.
Which Altcoin to Hold: XRP or DOGE?
Both XRP and DOGE have their unique strengths and historical performances. DOGE boasts a higher growth rate, having increased by 29,694% over the years compared to XRP’s 8,915%. Additionally, DOGE’s lower price point might make it seem more attractive to some investors.
However, XRP’s proximity to $1 and its past performance, including reaching a high of $3.84, position it as a stronger candidate for surpassing $1 in the near term. Despite DOGE’s potential, its reliance on market trends and large total supply could make it a riskier investment compared to XRP’s more stable outlook.
Conclusion
In conclusion, while both XRP and DOGE offer promising opportunities, XRP appears to be the more reliable choice for reaching and surpassing $1 in 2024. Its historical performance and ongoing developments provide a solid foundation for growth. However, DOGE’s dynamic appeal and lower entry point could yield substantial returns for those willing to embrace its volatility. Investors should consider their risk tolerance and investment goals when deciding between these two intriguing altcoins.