XRP’s price performed better in January, outperforming Bitcoin and most altcoins. It has soared by over 150%, and its market cap has passed that of many well-known companies, such as PayPal, Softbank, 3M, and Chipotle.
XRP may continue doing well in February because of the rising optimism of spot Ripple approval and its money transmitter licenses in New York and Texas. Still, there are chances that some XRP rivals will do better in February.
XRP rivals to consider in February 2024
Stellar Lumens (XLM), Algorand (ALGO), and Alchemy Pay (ACH) are the top XRP alternatives with substantial potential to 3x in February.
Stellar Lumens: The most logical Ripple alternative
Stellar and Ripple trace a similar origin and aim to solve a similar problem but with a different approach. Stellar runs a layer-1 network that allows developers to build products that simplify how cash flows globally. It has been used in industries such as remittances, asset tokenization, decentralized finance, and aid distribution.
Therefore, everything that moves XRP price will likely positively impact Stellar. For example, an XRP ETF approval will boost the chances of the Securities and Exchange Commission (SEC) approving an XLM fund.
The XLM price may explode higher in February because it has formed a bullish pennant pattern on the weekly chart. The two lines of this triangle are nearing their confluence level, meaning that a strong bullish breakout may happen in February. If this happens, the coin may surge to as high as $1.5.
Algorand (ALGO): Sleeping giant waiting to wake up
Algorand is another XRP rival set to explode higher in February. Like Stellar, the coin is in the process of forming a bullish pennant chart pattern on the daily chart. The flag pole has already formed, while the symmetrical triangle section is forming.
Algorand also formed a golden cross in November as the 200-day and 50-day moving averages crossed each other. This is a highly popular bullish sign, especially now that it has remained above the two averages.
Therefore, the Algorand price will likely have a strong bullish breakout in February, with the next level to watch being at $1. A move above $1 will point to more gains, potentially to $1.2. The bullish view will become invalid if the coin drops below the support at $0.3780, the 50-day moving average.
Read more: Algorand Price Could Hit $1: Elliot Wave, Wyckoff Theory
Alchemy Pay (ACH): Retests Key Price
Alchemy Pay coin jumped to a high of $0.050 this week after the company received a money transfer license in Australia. On the weekly chart, we see that the upper side was an important level since it was the highest swing since 2023. It was also the upper side of the ascending triangle pattern, a popular bullish continuation sign.
Alchemy Pay has also jumped above the 50-day week moving average and the 23.6% Fibonacci Retracement level. Therefore, its price will likely surge as bulls target the 50% retracement point at $0.10, up by 100% from the current level.
Other Ripple rivals to consider
There are many other XRP rivals set to explode higher in the coming month. The most notable ones are Hedera Hashgrath (HBAR), Mantle, IOTA, and Jito.
