In recent developments, the US securities regulator has acknowledged filings submitted by Bitwise, Grayscale, and 21Shares for a spot XRP exchange-traded fund (ETF). This approval could potentially boost XRP’s price. However, traders are also keeping an eye on XRP’s top rivals that may outperform it and potentially rally by 100 times.
Three of the best XRP rivals that could experience a significant rally ahead of Ripple’s ETF approval deadline are Stellar (XLM), Dogecoin (DOGE), and Cardano (ADA). These cryptocurrencies are poised to benefit from XRP’s rally if the SEC approves an ETF in the coming months.
Stellar has already seen an impressive rally in late 2024, with the price surging over 500% between November and December. This suggests that if an XRP ETF is approved, Stellar could potentially experience a 100x gain. Despite a recent 4% drop in price, XLM remains the 14th largest cryptocurrency by market capitalization, with its on-balance volume (OBV) indicating continued demand for the token.
Dogecoin, another major XRP rival, is also a strong contender for a spot ETF. With a clear regulatory standing with the SEC, DOGE’s ETF could potentially receive approval sooner than XRP. Currently trading at $0.24, DOGE continues to trade within an ascending parallel channel on the weekly chart, indicating the possibility of a bullish continuation. Analysts predict a rally towards $3 if DOGE can hold support levels between $0.16 and $0.19.
Cardano, with a 29% rally over the past year, is also seen as a top XRP rival with the potential to 100x. Despite a 4% drop in price to $0.768, ADA remains strong at a multi-month support level of $0.70. The cryptocurrency faces a resistance level at the 38.2% Fibonacci level of $0.82, with potential for a breakthrough towards $1 and beyond to the 161.8% Fib level of $1.83.
The market is eagerly awaiting the SEC’s feedback on Grayscale’s filing for a spot ADA ETF, similar to Ripple. Analysts predict a potential rally to $15 for Cardano if approval is granted. In conclusion, Stellar, Dogecoin, and Cardano are considered some of the best XRP rivals to buy for potential 100x gains in the near future. These cryptocurrencies have strong fundamentals and catalyst news that could trigger significant price increases in the coming months.
