3 Crypto To Sell To Avoid Losses In The Bull Run

The Crypto Market's Bullish Outlook and Key Cryptos to Sell

The cryptocurrency market anticipates a bull run in 2024, driven by the upcoming Bitcoin halving. Despite ongoing uncertainties, the market's long-term outlook remains bullish. However, investors should consider selling certain cryptocurrencies before the bull market to optimize their portfolios.

Significance of Bitcoin Halving

Bitcoin halving occurs every four years or after completing 210,000 blocks on the blockchain. It reduces the number of new coins entering circulation, ensuring Bitcoin's scarcity. By halving the block reward given to miners, halving restricts the supply of new coins.

Before April 20, miners received 6.25 BTC per block. After halving, this reward was reduced to 3.125 BTC. Consequently, the supply of new coins entering the market has significantly decreased.

The supply crunch, coupled with sustained or increasing demand, triggers an exponential rally in Bitcoin's price. Hence, significant rallies are anticipated in 2024 and 2025.

Cryptos to Sell for Portfolio Rebalancing

Investors should consider rebalancing their portfolios after the halving. Cryptocurrencies like XRP and PEPE are potential candidates for selling due to various reasons.

1. XRP

XRP, a cross-border remittance token, has experienced a modest 1.1% gain in the past 24 hours but has lost 0.5% in the last hour, trading at $0.52. This neutral technical picture aligns with the broader market, with Bitcoin struggling to break resistance at $64,000 and Ethereum hovering between $3,100 support and $3,200 resistance.

Ahead of the lawsuit ruling, XRP holders express concerns. Some indicate a willingness to exit, questioning the potential impact of Ripple's relocation from the US.

XRP price maintains support at $0.5254 during US trading hours on Friday. It reached $0.5664 this week after the Bitcoin halving but faced resistance from the 50-day EMA and the 200-day EMA.

XRP price chart | Tradingview

Sustaining above $0.55 or closing above $0.52 immediate support could encourage a falling wedge breakout, potentially pushing XRP's price to $0.7 and narrowing the gap to $1.

2. Pepe Coin (PEPE)

Pepe (PEPE), a new cryptocurrency on the Ethereum blockchain, is rapidly gaining traction. It aims to emulate the success of meme coins like Shiba Inu and Dogecoin. Currently ranked 35th in market capitalization, Pepe coin boasts a market cap of $3.22 billion.

Support from platforms like Coinbase and acquisitions by large-scale investors have boosted its visibility and value. Market trends and the rise of similar meme coins also contribute to Pepe's bullish momentum.

Presently, Pepe's price is $0.000007638, reflecting a 5% increase in the past 24 hours. This surge has made it the most popular meme coin on CoinMarketCap today. Over the past week, it has witnessed a substantial 47% increase. In the past 12 months, PEPE's value has skyrocketed by 3368%, making it a potential investment for significant returns this weekend.