Cardano and XRP Ledger have begun to outperform Bitcoin in anticipation of upcoming regulatory changes. The price of both tokens has risen dramatically since the US election. Investors are paying attention to the potential reshaping of the digital assets landscape.
While the two previously underperforming coins have felt the pressure of Gary Gensler’s ‘regulation through enforcement‘ tactics, developers continued to build, and business partnerships were secured. The regulatory landscape of the United States is about to undergo a radical change. Investors see ADA and XRP as value plays whose prices haven’t accurately reflected the projects’ capabilities and potential.
ADA’s meteoric surge fueled by regulatory optimism and technical advancements
Cardano’s ADA token has seen an impressive 275% increase over the past 30 days, soaring above $1.20 and maintaining its momentum. This surge outpaces Bitcoin’s 38% rise to just shy of $100,000 before a slight retracement to around $95,000 as of press time. The catalyst behind ADA’s exceptional performance mainly anticipates a more favorable regulatory environment under President-elect Donald Trump.
ADA had previously faced regulatory pressures, with the Securities and Exchange Commission citing it in their actions against several major exchanges. Market participants expect the new administration will ease regulatory pressures for digital assets such as ADA. Gary Gensler’s resignation as SEC chair has fueled the market with optimism about a crypto friendly regulatory approach.
In addition to regulatory factors, Cardano’s ongoing technical developments have bolstered investor confidence. Platform upgrades include Hydra to improve scalability and Mithril consensus mechanism. These advancements have improved the ecosystem’s functionality, fostering a thriving environment for decentralized applications and strategic partnerships that enhance the network’s utility.
Whale activity has increased around ADA, as wallets now hold over $10,000,000 worth of tokens, more than 140% increase in their total holdings. A surge in trading volume indicates that both retail and institution investors are becoming more interested.
Cardano’s focus on scalability, interoperability, and sustainability remains central to its growth strategy. Volatire is the next phase in the development of the Cardano platform. It aims to implement decentralized governance and position Cardano’s blockchain as robust and adaptable.
XRP is surging as new business opportunities are realized
XRP, a digital currency that has risen to the number three position in market capitalization is also gaining momentum. The token’s value climbed to $2.84, its highest level in seven years, surpassing major cryptocurrencies like Solana, USDT, and Binance Coin. Since the elections, XRP attracted more than $120 billion of new investments, pushing its market capital to $162 billion.
Investors are optimistic that the incoming administration will adopt a more supportive stance toward cryptocurrencies, potentially benefiting XRP and Ripple’s operations. This anticipated shift in regulation is accentuated further by the possibility of approval for an XRP Exchange Traded Fund. This could increase institutional adoption of XRP and its liquidity.
XRP’s performance has been impacted by regulatory pressures since the SEC imposed a fine of $1.3 billion on Ripple in December 2020. The SEC also charged two Ripple executives for conducting an unregistered offering. The legal battle has weighed on XRP’s performance, but impending changes to the SEC leadership indicate an easing of regulatory pressures. Optimism about reduced legal hurdles has contributed to the token’s recent surge.
Technological advancements on the XRP Ledger have also enhanced the token’s appeal. The account reserve fee was reduced by 90%, from 10 XRP to 1 XRP, significantly lowering the network’s cost. Reserve fee for NFTs was also reduced, from 2XRP to only 0.2XRP.
Ripple’s collaborations with financial institutions have further strengthened XRP’s prospects. To demonstrate the growing use of the token, the company has introduced tokenized funds for money markets on the XRP Ledger. This move aligns with Ripple’s strategy to expand XRP’s utility within the global financial system.
Ripple’s long-awaited stablecoin, RLUSD, is reportedly poised for launch tomorrow amid regulatory approval in New York. This development could open new avenues for XRP’s utility in the financial sector. Ripple has continued to unlock 1 billion tokens of XRP each month, but has relocked another 770 millions tokens, for another 5 years. This shows a dedication to the market.
Bitcoin’s performance makes way for altcoin surge.
While Bitcoin has reached new all-time highs, its recent gains have been outpaced by ADA and XRP’s. Bitcoin rose to $96,600 on November 22 and then settled at around $95,000. This is less than 5 percent shy of $100,000. The performance of ADA, XRP and other alternative cryptocurrencies is pointing to a change in the market where investors are paying more attention to these cryptocurrencies.
Expected policy changes from the new administration are bringing optimism to the market. This is especially true for tokens which were formerly hindered due to regulatory restrictions.
Cardano and Ripple’s commitment to enhancing their platforms through continuous development has positioned them favorably in this newly emerging landscape. The focus of their scalability, efficacy, and real world applications seems to appeal to investors who want to take advantage of blockchain technology.
XRP market data
Press release The date is December 3, 2024 at 12:44 UTCThe price of XRP, which is currently ranked third by market capitalization is The following are some of the most recent and up-to-date examples. 15.2% Over the past 24 hour. XRP’s market cap is $55.85 billion With a daily trading volume of $ 44.77 billion. Learn more about The XRP currency is a cryptocurrency that can be used to buy and sell goods. ›
XRP
The date is December 3, 2024 at 12:44 UTC
$2.73
15.2% Crypto Market Overview
Press release The date is December 3, 2024 at 12:44 UTCThe total market value of crypto is at 3 trillion dollars A 24-hour volume is 266.8 billion dollars. Bitcoin is the dominant currency at this time. 54.29%. Learn more about the crypto market ›
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