Despite the underperformance of XRP compared to other major cryptocurrencies like Bitcoin and Ethereum, recent data from Santiment shows that XRP remains one of the top cryptos in terms of profitability. According to the report, 78.8% of XRP tokens in circulation are currently in profit, indicating that the XRP price is higher now than when these tokens were first issued. However, this percentage lags behind Bitcoin’s 98.3% and Ethereum’s 95.1%. XRP has only rallied 73% from its 2022 bear market lows and continues to trade 87% below its all-time highs, while Bitcoin and Ethereum have seen significant gains.
The XRP price’s long-term technicals are uninspiring, and it is unlikely to catch up to Bitcoin and Ethereum in the near term. XRP broke below a long-term uptrend in April and has been trading bearishly since then. While a surge in Bitcoin and Ethereum prices could potentially lift XRP, chart analysis suggests a retest of support-turned-resistance around $0.40 in the coming weeks. The current market environment favors coins with strong adoption narratives, and coins like Solana have seen explosive growth in users, while XRP and ADA have struggled due to weak adoption narratives.
Many analysts do not consider XRP to be one of the best cryptos to invest in right now, and long-term price predictions for XRP are likely to remain bearish. Traders looking for stable, low-risk investments might want to consider shifting their holdings from XRP to Bitcoin, Ethereum, or Solana. However, for traders looking for bigger gains, the meme coin market could present opportunities for 50-100x gains if investors can get in early on a new meme coin before it becomes popular. One potential meme coin with significant potential is PlayDoge (PLAY), which is packed with play-to-earn utility and powers a fun, mobile-based game.
PlayDoge has already raised over $3.0 million in its presale, despite only launching a few weeks ago. With PLAY launching at $0.00504 and a modest market cap of around $50 million, the coin has the potential for significant growth depending on how its game gains traction. The play-to-earn model and the popularity of meme coins in the current market environment could make PlayDoge one of the best meme coin plays this cycle. Investors should be aware that investing in crypto is high risk and may result in the loss of all capital, so caution is advised when considering investments in this space.
