Down 30% or More for the Year, Are Any of These Top Cryptocurrencies Worth Buying Right Now?
It’s been an interesting year for crypto, which has largely struggled despite the Trump administration’s support for the sector and efforts to pass legislation that would remove regulatory roadblocks.
In recent months, crypto has bounced back and recouped some of its losses, although many top cryptocurrencies are still in the red. Down 30% or more, are any of these top cryptocurrencies worth buying right now?
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1. XRP
Despite its 30% drop this year, XRP (CRYPTO: XRP) remains the fifth-largest token by market cap at roughly $82.4 billion.
One of the first major cryptocurrencies, XRP launched in 2012 and runs on a network that uses a smaller set of validators for transactions, allowing it to process more transactions per second (TPS). The network is believed to be capable of handling 1,500 TPS.
The founders who launched XRP also launched a company called Ripple, which has come a long way. Ripple leverages XRP’s blockchain to bring faster payment capabilities to businesses, whether that’s near-instant settlement or the ability to transfer fiat currencies to cryptocurrencies and stablecoins globally.
Ripple also launched its own U.S. dollar stablecoin, RLUSD. Ripple is working with several large, well-known banks, including BBVA and Cross River Bank. The question becomes: How does XRP, the token, benefit from customers using Ripple and RLUSD?
One potential way is that increased network activity could drive up demand for XRP. It’s certainly possible, but also hard to predict, like most things in crypto. Still, I believe the most important thing when investing in crypto is looking for tokens that operate on strong technical networks.
I think XRP is worth a small, speculative position.
2. Dogecoin
Now the 11th largest token, Dogecoin has a market cap of roughly $13.5 billion. Dogecoin is also one of the oldest tokens, having launched at the end of 2013. It’s down roughly 34% this year.
Dogecoin was launched by a few software developers as a joke and used a Shiba Inu dog as its mascot. Money has value because people assign it value, and Dogecoin is proof of this.
The token was one of the first to really leverage the power of social media and went viral, with business celebrities like Elon Musk and Mark Cuban even allowing people to pay with the token for some goods at their various businesses.
