Best Altcoins to buy in the dip: Which has the most chance to recover?
The crypto market is currently in a state of uncertainty, leaving individuals unsure about what lies ahead for cryptocurrencies due to recent disastrous events.
Only Bitcoin and Ethereum can be found on the list of cryptocurrencies deemed non-securities by the US Securities and Exchange Commission (SEC). The allegations made by the SEC have had a significant impact on the majority of Altcoins.
Following the allegations, Robinhood, a financial firm based in the United States, decided to discontinue its support for MATIC, ADA, and SOL cryptocurrencies.
In terms of market performance, Polygon (MATIC), Cardano (Ada), and Solana (SOL) have experienced the most substantial decline, with a nearly 20% drop within the past 24 hours, as of writing.
Despite the market being in an unfavorable state, an alternative perspective suggests that investing in assets with substantial value that have experienced a decline may be a wise decision.
The purpose of this article is to provide insight into cryptocurrencies that have the potential to rebound following the recent market dip.
Ripple (XRP)
XRP serves as the native token for ripple, a protocol designed to enhance the speed and cost-effectiveness of international transfers. Functioning as a bridge between various banks, countries, and currencies, XRP facilitates seamless transactions.
Being a favorite among retailers and crypto whales, XRP has emerged as one of the most sought-after cryptocurrencies. Despite the bearish market conditions, XRP has consistently maintained its value.
Over the past week, it has not only sustained its position but also witnessed an upward trend in value, defying the allegations against it. Consequently, numerous investors have started acquiring XRP in anticipation of the impending verdict.
Anticipation is growing regarding the court’s final decision on the SEC lawsuit, which is expected to be announced on June 13. There is speculation in the community that XRP stands a significant chance of winning the case. If this outcome transpires, a substantial surge in XRP’s price is highly presumed.
The outcome of the SEC lawsuit against XRP holds great significance, as it has the potential to impact the entire cryptocurrency market. The final verdict will be a determining factor in shaping the future landscape. With the final decision pending, there remains a limited opportunity to acquire XRP. If the verdict favors XRP, there is a strong likelihood of a significant price surge.
However, it is advised to first assess the depth of the SEC case before making any financial decision.
Polygon (MATIC)
Polygon Matic, a specialized proof of stake blockchain, serves as a layer-2 scaling solution aimed at enhancing Ethereum’s scalability. Within the cryptocurrency realm, it ranks among the top cryptocurrencies based on market capitalization.
The value of Polygon Matic has experienced a significant decline due to ongoing allegations made by the SEC. It’s important to note that the case remains unresolved, and a final verdict has not yet been reached.
Polygon has made extensive inroads in the crypto market, forging many partnerships with popular companies like Adidas, Meta, Amazon, etc within the community. Its groundbreaking technology has enabled it to establish a solid presence in the crypto space. From a fundamental analysis perspective, Polygon Matic exhibits substantial potential in the future.
If Polygon Matic successfully overcomes the SEC allegations, there is speculation that its price may rise again in the nearest future. Hence, if you believe in the fundamental aspects of Polygon Matic, now is a suitable moment to acquire some Matic.
Also, check out our comprehensive article on Is Polygon (MATIC) Worth Investing?
Shiba Inu (SHIB)
Shiba Inu Coin, a decentralized cryptocurrency (a meme coin) built on the Ethereum network, takes inspiration from the Shiba Inu dog breed. It gained significant popularity in 2021 and emerged as an alternative to Dogecoin with a large attraction following on social media platforms.
Recently, a downturn in the overall crypto market occurred following an event involving the SEC and its impact on the crypto community. This event affected the market negatively.
When newcomers enter the crypto market, they often look to invest in penny cryptocurrencies as a starting point, rather than opting for Bitcoin or Ethereum.
In addition to its meme origins, Shiba Inu has remained focused on development efforts, including the creation and implementation of projects like Shiba Swap and integration with NFT marketplaces. The project has also launched its own Shiba Inu cold wallet.
An upcoming development for Shiba Inu is Shibarium, a layer-2 blockchain network built on Ethereum. It aims to transform Shiba Inu from a meme coin into a comprehensive ecosystem. With this launch, Shiba Inu has the potential to move beyond the realm of meme coins and compete with larger players in the crypto space.
During this market dip, there is an opportunity, particularly for beginners, to get involved with Shiba Inu and position themselves for a potential future increase in value (pump).
Conclusion
Having a visionary mindset increases the likelihood of attaining profits, especially when considering significant price reductions of 30% to 40%. Such circumstances present an opportunity to acquire more assets, particularly if the project is undervalued.
When selecting a cryptocurrency for investment, it is crucial to possess a comprehensive understanding of its fundamental aspects. This knowledge empowers investors to make informed decisions that yield favorable outcomes in the long term.
Disclaimer: This article does not provide any kind of financial advice. It is entirely the author’s opinion.
