By CoinGape
The XRP price is trading at $0.52, showing an intraday gain of 0.9%. This resilience amid the broader market correction may be attributed to Ripple’s recent developments to enhance programmability on the XRP Ledger (XRPL), expanding smart contract capabilities. However, if XRP price reversal fails, the top coins to watch are Stellar (XLM), Solana (SOL), Cardano (DOGE), Avalanche (AVAX), Plokdaot (DOT)
Cryptos to Watch Amid Ripple’s XRP Future Plans Reveal
Earlier this month, Ripple shared some new insights on the protocol plans to enhance programmability on the XRP Ledger (XRPL). These improvements aim to expand the platform’s smart contract capabilities, allowing developers to build a wider array of decentralized applications (dApps) directly on XRPL.
With the integration of Hooks and sidechains, developers can customize transaction logic and create tailored solutions while maintaining XRP’s high efficiency and low cost. These updates further position XRPL as a powerful tool for DeFi, NFTs, and other use cases, fostering a more versatile and scalable ecosystem.
Stellar (XLM)
Stellar (XLM) leads our top coins to watch as it is the closest competitor to XRP’s goal for a cross-border payment system. The recent update from Brad Garlinhouse indicates Ripple’s dominance in this niche, which impacts Stellar’s user activity.
According to Coinglass data, XLM’s open interest has showcased a sluggish downward trend since late July, settling at $27.4 million. This consolation indicates less interest from market participants in opening new positions, which, if prolonged, creates a negative sentiment.
By the press time, the stellar price prediction shows a current trading price of $0.088, while the market cap holds at $2.6 Billion.
Solana (SOL)
Among the coins to watch, Solana holds its position firmly due to its low transition fees and speed. By press time, the SOL price had traded at $127, while the market was stable at $59.7 billion.
The asset has recently faced a notable correction to $120 following the vampire attack from Tron’s Sunpump platform. As the SOL price stabilized from mounting selling pressure, the network witnessed a sudden spike in new addresses, reaching its peak at 2.81 million, according to the block.
The growth indicates the rising user base and engagement in the Solana network, a core signal to drive natural demand for SOL. For a detailed analysis, check out our top crypto to buy.
Cardano (ADA)
Cardano (ADA) stands for a key player in decentralized applications and sustainability. Its native cryptocurrency, ADA, currently trades at $0.32, while the market cap boosts to $11.7 Billion.
According to Santiment data, the 30-day MVRV (Market Value to Realized Value) ratio stands at -5.83, indicating that short-term traders are in a loss position. MVRV ratio measures if an asset is overvalued or undervalued by comparing its current market cap to the price holders paid.
A negative MVRV value often suggests a heightened risk of panic selling, which can extend market corrections. However, such conditions historically signal a potential recovery, as the exit of speculative traders tends to attract long-term investors looking for value.
Avalanche (AVAX)
The layer-1 cryptocurrency Avalanche (AVAX) showcased a V-top reversal from $28 to $21.7 within two weeks, accounting for a 22% loss. Consecutively, the market cap plunged to $11.7.
Despite an active correction trend, the total address with AVAX balance records continue to grow to hit 8.8 Million addresses, according to Intotheblock analytics recently.
This on-chain growth indicates a growing user base and market participation for the AVAX protocol. With sustained buying, the Avalanche price prediction could target a tally past 25.
Polkadot (DOT)
Polkadot (DOT) is a multi-chain blockchain platform that enables different blockchains to interoperate. Under the influence of a downsloping trendline, the DOT price witnessed a steady downfall from $11.8 to $4.08— a 65% decrease in the past six months.
Among other coins to watch, DOT shows Open interest from $387.5 Million to $183 Million, accounting for a 52% drop. The decreasing OI highlights market participants’ disinterest in asset trading, often leading to a prolonged correction.
Frequently Asked Questions (FAQs)
Key coins to watch include Stellar (XLM), Solana (SOL), Cardano (ADA), Avalanche (AVAX), and Polkadot (DOT).
Solana’s price stability is supported by a growing user base, with new addresses peaking at 2.81 million, indicating rising demand for SOL
Cardano’s 30-day MVRV ratio stands at -5.83, indicating short-term traders are at a loss,
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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