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Simon Chandler
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Simon Chandler
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The price of XRP has exploded by 18% in the past 24 hours, with its ascent to $2.27 today, giving it a market cap in excess of $130 billion.
XRP has been rising ever since Donald Trump won last month’s election, yet compared to many other major token it remains relatively underpriced, which is why it has been beating the market in recent days.
It’s now up by 50% in a week and by a huge 340% in a month, with these ascents enabling it to overtake Solana in terms of market cap.
And given that it’s still down on its 2018 ATH by 33%, it could continue to see outsized gains for a while yet, as the marker catches up with its potential value.
XRP Overtakes Solana and Tether as Market Cap Reaches $139 Billion – Can XRP Hit $100 Next?
XRP is currently correcting after hitting what was its highest price since January 2018, with the coin reaching a 24-hour peak of $2.48 earlier this morning.
Its indicators do suggest that it may have entered an overbought position, with its relative strength index (purple) falling from just over 80 to just over 50.
Its 30-period average (orange) has potentially peaked in relation to the longer term 200-period average (blue), something which also indicates that a correction should be coming.
However, the market had oversold and undervalued XRP for years, so it may take several more weeks of catch up before the coin stops rising.
Its volume has touched $36.7 billion today, which is its highest level ever, and a very strong sign of exploding demand.
The past few days have seen some big XRP buys from whales, who continue to stock up on the token in expectation of future gains.
Aside from its undervaluation, XRP has been performing so well because of how the election of Donald Trump has changed the regulatory landscape for it and Ripple.
While the SEC had filed an appeal against the company prior to the election, Trump’s victory likely means that this appeal is now dead in the water (and some legal experts had suggested it didn’t have much of a chance anyway).
And with current SEC Chairman Gary Gensler recently confirming that he will step down upon Trump’s inauguration, the next four years could end up being very profitable for Ripple.
It’s therefore on track to pass its current ATH of $3.40 in the next few months, potentially reaching this milestone by H2 2025.
New High-Performance Meme Tokens
Traders worried that XRP is already overbought may prefer to turn to newer, small-cap tokens, which can often have more upside potential, particularly if they attract new listings.
And one very coin on the up right now is Catslap (SLAP), an Ethereum-based token that has launched directly to DEXes.
It started trading on Uniswap a few weeks ago, and is up by over 1,000% from its listing price, according to DEXTools.
SLAP now boasts around 10,000 holders since listing on November 21, with the coin already having a market cap of $13.6 million.
Catslap has been successful since its launching because it’s more than utility-free meme token, with the coin having its very own slap-to-earn mini-game.
Users can play this game via Catslap’s official website, which invites users to click (or tap) the screen in order to animate a cat-slap gif.
This is an extremely simple mechanic, but the game rewards players with more SLAP tokens, incentivising ownership and engagement with the project.
What’s interesting is that the mini-game is also linked with SLAP’s burn mechanism, with its protocol having burned over 38 million SLAP so far.
It’s also highly bullish that Catslap’s X account now has 10,000 followers, a sign of how much it could grow in the future.
SLAP comes with a max supply of 9 billion SLAP, with 50% of this going to liquidity, 20% to staking rewards, 10% to community rewards, 10% to development, and 10% to its team (with this latter 10% vested for ten years).
Investors can buy it either via Uniswap or directly via the Catslap website, where 1 SLAP is $0.00325003.
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.
