Key Insights
- The best crypto to buy now are those supported by strong fundamentals and technicals.
- Pi Network has formed a falling wedge on the daily timeframe chart.
- XRP price has numerous catalysts, including potential ETF approvals.
The cryptocurrency market continued its bearish trend this week as a sense of fear spread throughout the sector. Bitcoin plummeted to $107,000, while the market capitalization of all tokens plunged to $3.6 trillion. This article looks at some of the best crypto to buy now ahead of the potential rebound.
Best Crypto to Buy Now Ahead of the Recovery
The ongoing crypto market crash is occurring due to rising liquidations, which have increased by over 300% in the last 24 hours.
It is also occurring after the hawkish Federal Reserve interest rate decision and following Bitcoin’s formation of a highly bearish death cross pattern on the daily chart.
Notably, the crypto market crash is also occurring on the first trading day of the month. It is common for cryptocurrencies to either surge or plummet sharply when the month or week begins.
On the positive side, crypto prices are expected to bounce back once the ongoing crash comes to an end. Some of the best crypto to buy now are names like Ripple (XRP), Pi Network (PI), and Binance Coin (BNB).
Ripple (XRP)
XRP is one of the best crypto to buy now as it remains in a deep bear market after falling by 35% from its highest level this year.
The token has several catalysts that may boost its performance in the near term. One of them is the upcoming Ripple Swell event in New York.
Swell brings together the Ripple Labs leadership and other top executives in some of the biggest companies in the world like BlackRock and Franklin Templeton. A major announcement at this event is likely to boost its price.
The other catalyst is that there are signs the spot XRP ETFs will start trading soon. Bitwise made one of its last filings last week, indicating that it will be listed on the New York Stock Exchange (NYSE), with an expense ratio of 0.34%.
The filing was notable because it came a week after the Bitwise Solana ETF started trading and received over $100 million in inflows.
XRP price will also do well as the Ripple USD (RLUSD) stablecoin growth accelerated, with its total assets nearing the important level at $1 billion. This is a sign that the network is benefiting from the GENIUS Act, which Donald Trump signed into law.
Soaring RLUSD assets, especially on the XRP Ledger, benefit the price as it will boost the burn rate.
Pi Network (PI)
Pi Network is another of the best contrarian cryptos to buy today. Although it has already declined by over 90% from its highest level this year, there are signs that it will rebound soon.
One potential catalyst for the token is that it has formed a giant falling wedge pattern on the daily chart. This pattern is characterized by two falling and converging trendlines.
The coin has also formed a bullish divergence pattern, as evidenced by the upward trend of the Relative Strength Index (RSI) and the MACD.
Pi Coin price may also benefit as its ecosystem starts to grow following last week’s investment in OpenMind and if it receives an ISO certification.
Binance Coin (BNB)
Binance Coin is another cryptocurrency to consider buying now due to its strong fundamentals. Data compiled by Nansen shows that the BSC Chain (BSC) is one of the fastest-growing blockchain networks in the cryptocurrency industry.
Its total transactions rose by 137% in the last 30 days, while its fees jumped by 202% to $68 million. Notable soaring fees in the network lead to more real-time burning, which reduces the number of tokens in circulation.
The network is also highly deflationary because of its token burns. It normally burns tokens worth over $1 billion in a quarter as it seeks to reduce the circulating tokens to 100 million over time.
Some of the other top cryptocurrencies to buy and hold are Hyperliquid (HYPE), Tron (TRX), Solana (SOL), and Chainlink (LINK.
The post Best Crypto to Buy Now as the Market Turns Bearish This Week appeared first on The Market Periodical.
