XRP Price Prediction Amid Top 5 Profitability Ranking – What’s Next for XRP?
Despite persistence underperformance of the XRP (XRP) price versus the likes of Bitcoin (BTC), Ethereum (ETH) and most other major crypto tokens, recent data released by crypto analytics platform Santiment in an X post has revealed that it remains one of the top cryptos in terms of profitability, ranking in the top 5.
💸 Supply in Profit is calculated by summing a token's value vs. its value when it first originated on the blockchain. The percentage of top assets' supply in profit is:
🪙 Bitcoin: 98.3%
🪙 Ethereum: 95.1%
🪙 Chainlink: 86.8%
🪙 Dogecoin: 82.2%
🪙 XRP: 78.8%
🪙 Cardano: 53.5% pic.twitter.com/ptaZVBSr41— Santiment (@santimentfeed) June 6, 2024
As per the Santiment report, 78.8% of the XRP tokens currently in circulation are in profit.
That is to say, the XRP price is higher now than when these tokens were first issued on the blockchain.
That’s a decent score, but still substantially lags Bitcoin’s 98.3% and Ethereum’s 95.1%.
The XRP price’s persistent underperformance versus other major cryptos in the last year and a half explains this.
The cryptocurrency is up just 73% from its 2022 bear market lows. As per CoinMarketCap, it continues to trade 87% below its all-time highs, which were hit back in early 2018.
By comparison, Bitcoin, last in the $69,000s, has rallied 4.5x from 2022 lows and hit new record highs this year.
Ethereum, meanwhile, is up 4x from its 2024 lows and is now just 25% down from its 2021 record highs.
XRP Price Prediction – What’s Next for XRP?
The XRP price’s long-term technicals remain uninspiring and suggest a near-term catch-up to BTC and ETH is unlikely.
XRP broke below a long-term uptrend in April, and has since been trading bearishly.
If Bitcoin son surges to fresh record highs above $74,000 and Ether returns to its ATHs, XRP could pick up.
But chart analysis suggests a retest of support-turned-resistance around $0.40 in the coming weeks is on the cards.
Fundamentals suggest that a pick-up is unlikely any time soon.
The crypto bull market so far has strongly favored coins with strong adoption narratives.
Bitcoin is leading the way in wake of spot US ETF approvals. Ethereum is likely to soon hit all-time highs when its ETFs also go live in the USA.
Robinhood is fully committing to cryptocurrency. Central banks are cutting interest rates. Asset managers are allocating billions to Bitcoin. The US regulatory environment is swiftly becoming more favorable. Coinbase is driving widespread blockchain adoption. An Ethereum ETF has…
— Matt Klein (@mattyklein_) June 6, 2024
And coins like Solana have seen explosive growth in users since 2023, driven by an influx of meme coin traders and airdrop hunters.
Coins that have seen weak/no user growth and don’t have strong adoption narratives like XRP and ADA have struggled.
Many analysts don’t rank XRP amongst their best cryptos to invest in right now. Long-term price predictions are likely to remain bearish.
XRP Alternative to Consider – PlayDoge (PD)
Traders looking to invest in a stable, low risk crypto that will deliver consistent gains in the year ahead might want to consider shifting their holdings from XRP to BTC, ETH or SOL.
But some traders are looking for bigger gains ought to consider getting involved in the meme coin market.
50-100x gains are possible if investors can get in early on a new meme coin before it becomes popular.
This is a very risky strategy, as there is no guarantee a new coin will gain traction.
But one new meme coin that analysts at Cryptonews.com think has a lot of potential is PlayDoge (PLAY).
Introducing #PlayDoge – the only #P2E Doge companion! 🐶
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY. 💰
Don't neglect your doge, his life's on the line 😲💀
Join the #Presale Now ⬇️https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
The meme coin is packed with play-to-earn (P2E) utility and powers a fun, mobile-based game.
The crypto presale has already raised over $3.0 million despite only launching a few weeks ago.
Gamers – we have leveled up to $2.5 Million raised! 👏
BUY NOW before the next price increase!⏳
Grab your $PLAY tokens now to enjoy classic 2D adventures and stack up more #Crypto!#Presale➡️ https://t.co/JT0VEofY4A#PlayDoge #BNB #P2E #MemeCoin pic.twitter.com/U2EIycHI3B
— PlayDoge (@PlayDogeGame) June 6, 2024
At $0.00504, PLAY is launching with a modest market cap of around $50 million.
Depending on how its game gains traction, PLAY could be one of the best meme coin plays this cycle.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
