The crypto market has been abuzz recently, sparked by the landmark ruling declaring XRP is not a security. This ruling has had a partial influence on the prices of major cryptocurrencies.
Nevertheless, several cryptocurrencies exhibit the potential for significant returns, as they are presently trading at relatively low prices. With this in mind, Finbold has identified the following cryptocurrencies, valued below $1, in which investors can potentially engage in during the upcoming week.
XRP
XRP has partly achieved regulatory clarity following a significant ruling by a United States judge, determining that the token is not a security in the long-running Securities Exchnage Commission (SEC) case. In response to the noteworthy ruling, XRP experienced a positive reaction, surging by nearly 90% in a single day, rising as much as $0.93.
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Despite these substantial gains, XRP is still trading at a relatively low value, which makes it an attractive asset to acquire. There is speculation that XRP could be the next token to generate substantial wealth for investors following the regulatory clarity. Additionally, XRP has successfully achieved relisting on major exchanges like Coinbase, which could act as a bullish catalyst.
Currently, XRP is trading at $0.72, representing an 8% loss in the past 24 hours. On the weekly chart, XRP has seen an increase of over 50%.
Cardano (ADA)
Cardano (ADA) has recently experienced a bullish trend driven by various factors, including significant developments within its network. Notably, Cardano is making notable strides in its journey toward establishing a fully decentralized decision-making system with the upcoming milestone of CIP-1694 development.
This proposal has gained significant recognition, leading to a gathering of representatives from different countries to discuss its details. The successful implementation of CIP-1694 is crucial for Cardano’s on-chain governance.
In addition, Cardano’s recent bullish momentum can be attributed to other factors, such as the network’s potential, particularly the implementation of Algorand as a Cardano sidechain. Furthermore, Cardano’s total value locked (TVL) in ADA terms has seen a 10% month-on-month increase, reaching 550 million ADA on July 14, as reported by DefiLlama.
Moreover, ADA has benefited from the potential easing of regulatory uncertainty following the court ruling declaring XRP as not a security.
At the moment, ADA is trading at $0.34, experiencing a daily loss of approximately 4%. ADA has shown an increase of over 15% on the weekly chart.
Stellar Lumens (XLM)
In 2023, XLM, the native cryptocurrency of the Stellar blockchain, demonstrated strong performance. Like many other digital assets, XLM has experienced passive gains in response to developments in the Ripple legal proceedings. Notably, XLM’s rally emerged, considering that the platform founder Jed McCaleb is also a co-founder of Ripple.
This impressive price rally can be attributed, in part, to significant collaboration agreements between Stellar and Coinbase and MoneyGram. Coinbase now provides full support for deposits and withdrawals of the USDC stablecoin via the Stellar chain. Additionally, MoneyGram lets its users directly deposit or withdraw cash from their crypto wallets using USDC on the Stellar network.
Furthermore, Stellar Lumens has been recognized as a potential facilitator for the blockchain component of the FedNow Payment System. FedNow is a real-time payment service established by the Federal Reserve to integrate traditional banking with decentralized finance.
Currently, XLM is trading at $0.13, experiencing a loss of approximately 11% in the last 24 hours. Over the past seven days, XLM has seen an increase of nearly 35%.
Stacks (STX)
Stacks (STX) aims to bridge decentralized finance (DeFi) with Bitcoin (BTC) by enabling smart contracts on the Bitcoin network. This provides developers with a secure and scalable platform to create decentralized applications, thus extending Bitcoin’s utility beyond being solely a store of value.
Integrating Stacks into the Bitcoin network holds promise for long-term success, considering the dynamic nature of the DeFi industry and the increasing demand for decentralized applications. STX is trading at $0.65, experiencing a decrease of over 4% in the last 24 hours.
Decentraland (MANA)
Decentraland (MANA) has emerged as a prominent cryptocurrency focused on the metaverse, garnering significant interest in recent months. The network has been actively expanding its presence in the metaverse through various initiatives.
One noteworthy development is the announcement of the upcoming Metaverse Art Week, which runs from July 19 to 23rd, 2023. This event aims to commemorate the end of the traditional metaverse era and usher in a new era of virtual artistry and limitless creativity.
Collaborating with the renowned art collective Vueltta, Metaverse Art Week promises an exciting lineup of immersive exhibitions, installations, insightful talks, guided tours, and vibrant parties.
Regarding price movement, MANA has experienced some volatility in recent days. As of now, MANA is trading at $0.42, with a 2% daily loss.
Overall, it’s crucial to emphasize that investors should not underestimate cryptocurrencies trading at lower prices, as the trading price does not diminish the potential of these assets.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
