$1,000 in XRP Now Could Be a Game Changer for 2024: Analysis

The price of XRP has dipped by 3% in the past 24 hours, sliding to $0.5344 as the crypto market suffers a significant 3.5% fall today.

The altcoin is now down by 5% in a week and by 11% in a fortnight, yet it holds on to a 4% gain in a month and a 6.5% increase in the past year.

Such percentages aren’t particularly impressive in relation to many other major tokens, yet they also suggest that the market continues to undervalue XRP, and that it could therefore be in for big gains in the medium- and long-term.

Indeed, if an investor were to invest $1,000 in the alt now, its rising from $0.5344 to $1 in the New Year could see that initial investment turn into $1,870.

$1,000 in XRP Now Could Be a Game Changer for 2024: Analysis

As with most other coins, XRP’s indicators continue to look weak.

Its RSI (purple) has dropped to 30 today, a highly oversold position which ordinarily means a rebound is coming.

Source: TradingView

We can also see XRP’s current price falling below its 200-period (blue) and 30-period (orange) moving averages, another sign of heavy overselling.

The main issue with XRP is that it’s suffering from a lack of sustained demand, as is the market in general.

A clear sign of this comes from data for the major Bitcoin ETFs, which saw $211 million in net outflows yesterday and also $287 million on Wednesday.

This is significant for XRP (and other alts) insofar as it shows an exodus of demand and interest from the cryptocurrency market, with prices seeing a steady decline over the past few weeks as new buyers fail to arrive to replace sellers.

However, while we may see a little more pain in the near term, the bigger picture for XRP remains good, with the coin boasting strong fundamentals that should help build its price majorly in the coming months and years.

Such fundamentals revolve largely around Ripple having finally settled its long-running case with the SEC in early August , receiving a much smaller penalty than the regulator originally wanted.

It’s now in a position to expand its operations more vigorously, and has already taken steps towards this in recent weeks, including a partnership with SBI Holdings and moves to launch its own stablecoin .

As such, the XRP price has every chance of appreciating considerably in the coming months, with $1,000 spent now potentially paying off handsomely.

As mentioned above, it would be worth $1,870 if XRP reaches $1, while a return to its current ATH – of $3.40 – would result in a position worth just over $6,300.

New Meme Tokens Have Strong Potential

XRP may see improving fortunes towards the end of the year, yet traders looking for the biggest gains may do better to look towards newer tokens.

While the vast majority of new alts are short-lived junk, some can at least rise exponentially in their initial months, particularly after a big presale or listing.

And one interesting token right now is The Meme Games (MGMES), an ERC-20 cryptocurrency that has raised over $400,000 in its ongoing presale.

The Meme Games’ sale will end in the next two days, with investors having flocked to the new project largely on the basis of its interesting social gambling element.

In particular, its holders will be able to stake bets (in MGMES) on automated competitions between meme characters.

Holders who stake tokens on winning memes will receive a 10% bonus in addition to their usual staking rewards.

This potentially makes MGMES a very lucrative token, while the social betting element will help build its community and draw in more investors over time.

Its combination of gambling and snappy memes seems to be working already, with The Meme Games’ official X account now accounting for 15,000 followers .

This is enviable for such a new coin, and points to how big it could become after launching.

MGMES will have capped supply of 2.024 billion, with investors still able to join its sale by visiting the official Meme Games website .

MGMES costs $0.0095 per token, which is its final sale price.

Of course, it may rise much higher when it lists over the weekend.

Buy Meme Games Now