Top 3 Altcoins: Buying crypto to speculate on price gains is the most common method of investing in the rapidly growing industry. If the performance of Bitcoin (BTC) and other top altcoins like Solana (SOL), Chainlink (LINK), XRP, and more is anything to go by, investors may want to fill their bags with these tokens ahead of the bull run anticipated in 2024 and likely to peak in 2025.
Unlike buying Bitcoin, altcoins may offer strategic once-in-a-lifetime opportunities to buy many tokens at an affordable price, promising the biggest return on investment among most major global markets.
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1. XRP
The token issued by Ripple, a leading global cross-border money remittance company, is up 68% in the last year to trade at $0.645 in December. XRP’s bullish outlook started with Ripple’s landmark win against the US Securities and Exchange Commission (SEC) in July.
Ripple was taken to court by the SEC for allegedly disregarding US securities laws when it raised money selling XRP tokens. As a result of the partial win, which found that programmatic sales of XRP did not constitute security tokens as opposed to direct sales to institutional investors, the fifth largest crypto rallied almost hitting $1.
Although the final determination of the case is expected in 2024, the historical wins Ripple has bagged against the SEC suggest that the token has a solid future.
Moreover, a win for Ripple is an indirect win for XRP and the larger crypto market.
Investors considering buying XRP could be rewarded immensely following the possibility of a settlement between Ripple and the SEC or the judge’s determination in the trial in 2024.
Either way, XRP price holds immense potential both in the short-term and the long-term. For now, a persistent rise to $1 would keep investor interest high, with FOMO likely to propel the price to a new all-time high.
XRP price chart | Tradingview
2. Solana (SOL)
Solana is on the move again after testing support at $60 amidst multiple transfers made by bankrupt exchange FTX. The competitive smart contracts, posing as a direct competition to Ethereum, has consistently increased in value this year to trade at $65 on Thursday, considering it plummeted to $8 following the implosion of Sam Bankman-Fried’s founded exchange FTX.
Despite the frequent transfer of SOL tokens to exchanges to raise money to pay creditors, Solana price exhibits a strong bullish outlook. The next breakout at $70 could FOMO Solana price towards $100.
Solana price chart | Tradingview
The Moving Average Convergence Divergence (MACD) indicator is about to send a buy signal in the daily time frame. As holders take advantage of this buying opportunity, Solana could make another larger breakout, making it one of the top altcoins to buy for 2024.
3. Chainlink (LINK)
Chainlink price is up almost 100% from the time of the breakout above a long-term multi-month trendline. The token native to one of crypto’s most sought-after Oracle protocols, is trading at $15.5 at the time of writing.
Unlike Bitcoin and most other other altcoins which have moved tremendously since last week, Chainlink consolidated due to resistance at $17. On the downside, the 21-day Exponential Moving Average (EMA) provided support, keeping LINK buoyant.
A break above $17 is required to reinforce the bullish theory, with Chainlink price expected to start the third phase of its recovery above $20.
Chainlink price chart | Tradingview
A potential buy signal from the MACD could drive more traders and investors to increase exposure to LINK, thus strengthening the tailwind. The soon-to-launch Chainlink staking is another bullish factor that investors may consider for buying LINK.
Early Access for Chainlink Staking v0.2 is now open
Eligible participants now have a four-day window to stake up to 15K LINK before the launch of General Access on 12/11.
Start staking today to earn rewards for helping secure the #Chainlink Network ⬇️https://t.co/Gdt5FiQmOR pic.twitter.com/EBGzxb2CRR
— Chainlink (@chainlink) December 7, 2023
Staking will significantly reduce the available LINK supply, and subsequently, the sell-side pressure while allowing investors to participate in securing the network and earn rewards.
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