The growth of XRP and Ripple’s legal victories in court forced Mike Novogratz of Galaxy Digital to abandon his earlier skepticism about this digital currency. The investor admitted that he was wrong and noted that XRP, like BTC, has taken a unique place in the cryptoasset segment.
Other industry experts have also discerned the coin’s potential. For example, Edward Farina, CEO of Alpha Lions Academy, believes that the cryptocurrency could reach $10,000. In the article – full XRP forecast for 2024 and information on which altcoins also have strong potential in the coming year.
Three new altcoins that could grow 10-100 times in 2024
In an investment portfolio, it is worth including different cryptocurrencies that can provide both long-term and short-term profits. In this regard, pre-sale projects offer a lot of advantages. Such startups include:
- Bitcoin Minetrix – introduced a concept that allows investors to participate in BTC mining without buying equipment or contracting with third parties. The project has raised $5.4 million in current funding rounds, and the coin sells for $0.0123.
- Meme Kombat is a meme token with its own P2E platform where players get paid through “battles” between famous meme characters. You can buy the asset during the presale, which raised $3.7 million, for $0.246.
- TheBitcoin ETF is a deflationary mechanism that reduces supply in response to key steps in the approval process for a spot bitcoin ETF in the United States. The token raised $4.6 million in the pre-sale and is worth $0.0068.
Bitcoin Minetrix
Bitcoin Minetrix (BTCMTX) is a new project that takes a slightly different approach to mining cryptoassets. Using the platform, investors place a BTCMTX coin in staking and receive mining credits. These are non-transferable tokens that can be exchanged for processing power to mine BTC in the cloud. Bitcoins earned through the Bitcoin Minetrix pool are credited to investors.
It is worth noting that miners do not pay for hash power directly, so their tokens are not at risk. The entire process is done through BTCMTX staking.
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The Bitcoin Minetrix approach proved popular among investors – the pre-sale raised $5.4 million. At the current pre-sale stage, the coin can be bought for $0.0123. By the final round, the cryptocurrency will cost $0.0148. The pros of the project that can favorably affect the price of the token:
- Democratizes bitcoin mining and provides a way for individual investors to compete with mining farms.
- Reduces entry into the industry to $10, which will likely attract new traders and boost demand for the coin.
- Offers two rewards at once through steaking – BTCMTX and bitcoin.
Meme Kombat
Meme Kombat (MK) is a pioneering initiative that combines memes and Play-to-Earn (“play and earn”) mechanics within the decentralized Web3 platform. The essence of the project is the confrontation of characters from the meme-token niche in a virtual arena.
Players can place bets on “battles” animated by artificial intelligence technology, as well as predict outcomes and receive rewards. The first season will feature 11 different characters, including Pepe 2, Shiba, Sponge, Doge and Mong.
Moreover, players receive passive income for steaking the MK token at an annualized interest rate of 301%. The value of the asset is currently $0.246. In the final phase of the presale, the price of MK will rise to $0.279. $3.7 million has been invested in the presale. The growth of the coin is possible for the following reasons:
- Players not only receive APY for staking, but also earn money on bets thanks to their placed tokens.
- Participation on the platform directly affects revenue, so the more bets an investor places, the higher their chances of making a profit.
- The token has chances of being in high demand if the game is popular.
Bitcoin ETF
The Bitcoin ETF (BTCETF) is different from many other pre-sale projects that act more like standalone ecosystems. This cryptocurrency is tied to a significant event – the creation of the first spot bitcoin fund in the United States.
The project team will burn 5% of its BTCETF token stock upon reaching five different milestones that are expected to occur during the development of the Bitcoin ETF. Among the milestones are the official confirmation of the spot bitcoin fund, its launch and the breaking of the $100,000 BTC barrier.
Preliminary sales of the new coin have already surpassed the $4.6 million mark and are gradually approaching the final stage. Meanwhile, more than 50% of the tokens allocated for the pre-sale have been sold out in just a few weeks. Investors who follow the BTCETF presale know that as soon as news about bitcoin ETFs appears in the media, investments in the project increase. At the current final stage, the coin is worth $0.0068. The cryptocurrency could be a success because:
- Offers traders live streaming of the latest news about bitcoin ETFs so that portfolios can be adjusted in time.
- Reaching certain bitcoin fund milestones will have a direct impact on the BTCETF token because of its roadmap.
- A decrease in the supply of the coin will provoke an increase in the value of the listed assets.
XRP price forecast for 2024
The coin’s uptrend began in late November, when XRP blockchain data showed a strong accumulation of assets at the largest addresses. In other words, whales are buying XRP at likely local lows, indicating that these investors are confident of price growth in December and next year.
The upward trend of the coin is predicted by crypto expert Edward Farina. In his opinion, the altcoin will be valued at $10,000 as early as 2024. The main reason for this, the investor considers the transition from the SWIFT banking system to the Ripple network. Farina noted that this will help the company to dominate the financial market in the field of international transactions.
Ripple is a global payment network that can offer a more stable, faster, cost-effective and scalable service. According to Farina, it is likely that the price of XRP will become five digits in the future.
The cryptocurrency is up 62% in 2023, with Ripple’s partial victory over the US Securities and Exchange Commission (SEC) being a major bullish catalyst. However, the court has yet to decide whether Ripple’s sales of the asset to institutional investors violated US securities laws.
It is reported that the lawsuit between Ripple and the SEC will resume on April 23, 2024, and legal experts see a high chance of reaching a settlement. Lawyer John Deaton claims that any deal worth less than $20 million will be a 99.99% win-win for Ripple.
Conclusion
Over the past six months, the cryptocurrency market capitalization has increased to $1.7 trillion, which represents an increase of 110%. Moreover, according to a report by the Binance exchange, the markets have already risen 55%, i.e. $596 billion, in the fourth quarter.
Analysts emphasize that the bullish trend has not yet started, but there is more enthusiasm in the industry. It can be concluded that now is a good time to buy both already listed and new assets.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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