The cryptocurrency market is showing signs of recovery, with several XRP competitors emerging as strong contenders. These coins have demonstrated remarkable growth, making them potential investments to transform $1 into $1000 by 2024.
4 XRP Competitors to Buy to Turn $1 to $1000
The XRP price remains steady at $0.52, while Bitcoin holds at $67K and Ethereum stays above $2,500. Here are four XRP competitors to consider for 2024 investments.
Solana (SOL)
Solana (SOL), an open-source blockchain, is gaining momentum in decentralized finance (DeFi). Supporting decentralized applications (DApps), the latest SOL price has surged by 4% to $173 in the past 24 hours.
Over the last year, the layer one market value soared by over 452%, showcasing strong market growth. Solana is emerging as a major XRP competitor, attracting investors seeking high returns in 2024.
According to Coinglass data, Solana’s derivatives market has seen significant activity. The total volume increased notably, with open interest rising, reflecting growing market participation. Options trading volume has expanded, with a corresponding rise in open interest. These metrics highlight Solana’s increasing traction in derivatives, signaling strong investor interest.
Source- Coinglass
Dogecoin (DOGE)
Dogecoin (DOGE), a major meme coin featuring a Shiba Inu from the “doge” meme, has recently experienced a significant price increase. Rising by 13% in the past week, the price of DOGE has climbed to $0.138. Over the last year, its value surged by 106%, indicating growing interest in the cryptocurrency. This positions Dogecoin as a competitor to XRP in the crypto market.
The whale transaction count for Dogecoin has surged significantly, indicating increased activity from large holders. As of late October, transactions above $100,000 saw a noticeable rise, coinciding with a price. This trend highlights heightened whale interest and potential market movement for Dogecoin.
Source- Santiment
Toncoin (TON)
Toncoin (TON) is gaining attention for its cutting-edge layer-1 blockchain technology, offering fast transactions and low fees. Currently priced at $5.19, it has experienced a 1% dip in the past 24 hours. Despite this, Toncoin has skyrocketed by 1127% over the past year. This strong performance positions it as a potential XRP competitor in 2024.
TON currently has a total value locked (TVL) of $390.12 million. This reflects the growing interest and confidence among investors in the platform. The increasing TVL indicates that more assets are being held within TON, highlighting its potential for future growth in decentralized finance (DeFi).
Source- DeFiLIama
Cardano (ADA)
Cardano (ADA), a leading third-generation blockchain, has gained attention for its energy-efficient proof-of-stake (PoS) protocol, which contrasts with traditional proof-of-work (PoW) systems.
Over the past year, the ADA price has increased by 21% despite a recent 4% dip, trading at $0.3414. As XRP competitors rise, investors are eyeing potential gains, hoping to turn $1 into $1,000 by 2024.
If the ADA price breaks through the $0.4 resistance level, it could see a bullish reversal. This movement may push ADA toward the next significant resistance point at $0.5 in an upcoming rally.
Source: TradingView
As the market remains volatile, XRP competitors present opportunities for investors. With notable growth trends, these cryptocurrencies may turn modest investments into substantial profits by 2024. Investors should closely monitor these promising coins for potential high returns in the upcoming year.
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