XRP Rises 20% as US Shutdown Risk Drops, Boosting Crypto Rivals

XRP, a cryptocurrency associated with Ripple, has seen a price increase this week after reaching a critical support level. This level is pivotal in determining the trajectory of XRP for the remainder of the month. Given the current strength of Ripple above $2.3, several top XRP rivals could benefit significantly if the US government shuts down tomorrow.

The risk of a government shutdown has decreased after the minority leader reluctantly supported a Republican-passed bill. The argument is that a shutdown would benefit certain individuals and entities, including Trump and Elon Musk, as they continue to advocate for reduced government spending. However, if a shutdown were to occur, it could raise the likelihood of a recession, particularly as the US engages in trade wars with other countries. A recession would prompt the Federal Reserve to accelerate interest rate cuts, which could positively impact crypto prices. Some of the top XRP rivals to consider in this scenario include Binance Coin (BNB), Stellar (XLM), and Mantra (OM).

Binance Coin (BNB) is a strong contender among XRP rivals due to several catalysts. Notably, the Trump family has expressed interest in acquiring a stake in Binance US, which could be beneficial given Trump's current presidency. Additionally, BNB Chain is working on the Pascal upgrade, with a hard fork scheduled for March 20 and two more planned upgrades by June. The price of BNB has formed a giant cup and handle pattern on the weekly chart, with the current consolidation phase being part of the handle section. Based on the depth of the cup, the most likely BNB price forecast is bullish, with the next possible target being around $1,100.

Stellar (XLM) is another leading XRP rival to consider. Often seen as XRP's cousin due to its involvement in the payment industry and the fact that Stellar's founder was one of Ripple's co-founders, XLM has dropped by 56% from its highest level this year but shows signs of recovery. The coin has formed a falling wedge pattern on the weekly chart, which is characterized by two descending and converging trendlines. This pattern suggests that the Stellar lumens price is poised for a bullish breakout in the near term, potentially retesting the psychological point at $0.50, an 80% increase from the current level.

Mantra (OM) is another top Ripple rival worth considering. OM has been one of the best-performing cryptocurrencies in the last 12 months, with a nearly 1,000% increase due to its role in the Real World Asset (RWA) tokenization industry. The Mantra price reached a record high of $9.1265 in February and has since pulled back to the current level of $6.5. It remains above the 100-day moving average and has formed both a falling wedge pattern and a bullish pennant pattern. This suggests that the Mantra price is likely to experience a strong bullish breakout, potentially reaching $9.12, its all-time high, followed by $10.

In addition to BNB, XLM, and OM, other notable cryptocurrencies to consider in the event of a government shutdown include Polkadot (DOT), Algorand (ALGO), Kusama (KSM), and IOTA (IOTA). These cryptocurrencies have shown resilience and potential for growth, making them attractive options for investors looking to diversify their portfolios.