Top XRP Rivals to Explode 3x in February 2023

XRP's price performed better in January, outperforming Bitcoin and most altcoins. It has soared by over 150%, and its market cap has passed

XRP had a better month in January than Bitcoin and most altcoins. Its price has risen by over 150%, and its market cap now exceeds that of several well-known businesses, including PayPal, Softbank, 3M, and Chipotle.

Due to the rising optimism of spot Ripple approval and its money transmitter licenses in New York and Texas, XRP may continue performing well in February. However, some XRP competitors might perform better in February.

Stellar Lumens (XLM), Algorand (ALGO), and Alchemy Pay (ACH) are the top three XRP alternatives that could increase in value by 3x in February.

Stellar and Ripple have a similar origin and aim to solve the same problem but take different approaches. Stellar operates a layer-1 network that enables developers to create products that facilitate global cash flow. It has been applied in remittances, asset tokenization, decentralized finance, and aid distribution.

As a result, anything that drives up the price of XRP will probably also have a favorable effect on Stellar. For instance, the possibility of a XRP ETF being approved by the Securities and Exchange Commission (SEC) will increase.

The price of XLM may soar in February due to the formation of a bullish pennant pattern on the weekly chart. The two lines of this triangle are almost converging, indicating the possibility of a strong bullish breakout in February. If this occurs, the coin might reach a high of $1.5.

Algorand is another XRP competitor that is anticipated to experience a sharp increase in February. The coin is forming a bullish pennant chart pattern on the daily chart, much like Stellar. The flag pole has already formed, while the symmetrical triangle section is still forming.

The price of Algorand also formed a golden cross in November when the 200-day and 50-day moving averages intersected. This is a very common bullish indicator, especially now that it has remained above the two averages.

Therefore, the price of Algorand will probably experience a strong bullish breakout in February, with the next level to watch being at $1. If the coin drops below the support at $0.3780, the 50-day moving average, the bullish perspective will be invalidated.

Alchemy Pay coin surged to a high of $0.050 this week after the company was granted a money transfer license in Australia. On the weekly chart, we can see that the upper side was a crucial level as it was the highest swing since 2023. It was also the upper side of the ascending triangle pattern, a popular bullish continuation signal.

Alchemy Pay has also risen above the 50-day week moving average and the 23.6% Fibonacci Retracement level. As a result, its price will probably continue to rise as bulls target the 50% retracement point at $0.10, which is a 100% increase from the current level.

There are several other XRP competitors that are anticipated to experience a sharp increase in the upcoming month. The most noteworthy ones are Hedera Hashgrath (HBAR), Mantle, IOTA, and Jito.