The broader crypto market has been bearish, led by Bitcoin, which has struggled to hold its price above $60,000. Notably, the market reacted negatively to Bitcoin’s halving event in the short term. However, there are indications that several cryptocurrencies could experience an increase in their market capitalization. In this context, crypto expert Justinas Baltrusaitis has identified two tokens that are likely to reach a market capitalization of $50 billion in May 2024.

First ranked cryptocurrency: Ripple (XRP)

Undoubtedly, XRP’s price performance has been a source of disappointment for many of its investors. It continues to remain in a consolidated phase, predominantly below the $1 level. Currently, the token is facing downward pressure from the overall market sentiment. Hence, it is struggling to maintain the $0.50 threshold.

Nevertheless, numerous market participants remain optimistic about XRP’s prospects in the coming months. In particular, positive developments stemming from the ongoing legal disputes between Ripple and the US SEC could serve as important catalysts for the token to regain momentum. Moreover, Ripple’s planned stablecoin launch is likely to attract more participants to its platform. Experts see this as a positive move that will benefit XRP.

Price predictions for XRP Coin

From a technical analysis perspective, analyst Dark Defender notes that XRP is exhibiting a trading pattern reminiscent of its behavior between 2013 and 2017. The analyst highlights the similarities in price action, particularly in relation to the lows aligned with a key support line that preceded a significant uptrend in XRP’s value.

As the market heads into May, this pattern could potentially set the stage for a rally. This could potentially lead to a market capitalization of $50 billion. Currently, XRP’s market capitalization is $27.64 billion. This suggests that an 80% increase is required to reach the desired $50 billion milestone.

XRP market capitalization. Source: CoinMarketCap

Second ranked cryptocurrency: Dogecoin (DOGE)

In April, the meme coin looked set to reach the $1 milestone. Thus, it would potentially reach a market capitalization of $50 billion. But it faced a setback due to the prevailing bear market sentiment. Notably, several on-chain metrics are showing bullish signs for Dogecoin (DOGE). Despite the recent underperformance, data from crypto market intelligence platform Santiment on April 27 revealed a 13.8% increase in non-empty DOGE wallets over the past three months. This increase suggests that confidence in the meme coin is growing, possibly translating into investor confidence.

Non-empty DOGE wallet data. Source: Santiment

Furthermore, crypto analyst Ali Martinez predicts a potential price increase for DOGE soon. Martinez suggests that after a consolidation phase following a “descending triangle” pattern, DOGE could reach the $1 milestone, mirroring its past performance.

In addition, we should not forget the support Dogecoin has received from Tesla CEO Elon Musk. Related products such as the upcoming X Payments will also have a potential impact. Dogecoin will need a significant 150% increase to reach the $50 billion market cap threshold.

DOGE market capitalization. Source: CoinMarketCap

The views and forecasts in the article are those of analysts and experts and are not investment advice. Cryptocoin.com we strongly recommend that you do your own research before investing.