Developers’ hard work pays off as Cardano and XRP outperform Bitcoin by over 200%
Cardano (ADA) and the XRP Ledger (XRP) have begun outperforming Bitcoin as anticipation grows around regulatory changes in the upcoming Trump administration. Following the US presidential election, both tokens have experienced significant surges, attracting investor interest and suggesting a potential shift in the digital asset landscape.
Despite facing regulatory pressure under Gary Gensler’s ‘regulation through enforcement’ approach, ADA and XRP developers have continued to innovate and secure business partnerships. Now, with expectations of a shift in US regulatory policies, investors view ADA and XRP as undervalued assets with significant potential.
ADA’s Impressive Rise Fueled by Regulatory Expectations and Technical Progress
Over the past month, Cardano’s ADA token has surged by 275%, surpassing $1.20 and maintaining its momentum. This growth outpaces Bitcoin’s 38% increase, as Bitcoin hovers around $95,000. The surge in ADA’s value is attributed to optimistic expectations of a more favorable regulatory environment following President-elect Donald Trump’s administration.
Previously hindered by regulatory scrutiny, including actions by the Securities and Exchange Commission (SEC), ADA is now benefiting from a shift in market sentiment due to the election outcome. With the resignation of SEC Chair Gary Gensler, there is growing optimism for a more crypto-friendly regulatory approach in the US.
In addition to regulatory factors, Cardano’s ongoing technical advancements have increased investor confidence. Upgrades such as Chang, Hydra, and Mithril have enhanced the platform’s functionalities, making it more appealing for decentralized applications and strategic partnerships.
Whale activity around ADA has intensified, with wallets holding over $10 million worth of the token increasing their holdings by over 140%. This, along with a surge in trading volume, indicates growing interest from both retail and institutional investors.
Cardano’s focus on scalability, interoperability, and sustainability remains key to its growth strategy. Through initiatives like the Voltaire development phase, the project aims to solidify its position as a robust blockchain platform.
XRP’s Growth Amid Business Developments
Simultaneously, XRP has become the third-largest digital asset by market capitalization, reaching $2.84, its highest level in seven years. The token’s surge has attracted over $120 billion in new investments, boosting its market cap to $162 billion.
Investors are optimistic about a more supportive regulatory stance under the incoming administration, which could benefit XRP and Ripple’s operations. Anticipation of regulatory shifts is further emphasized by the potential approval of an XRP Exchange-Traded Fund (ETF), which could enhance institutional adoption and liquidity for XRP.
Technological advancements on the XRP Ledger, including fee reductions, have improved the token’s appeal. Collaboration with financial institutions and the introduction of tokenized money market funds on the XRP Ledger have strengthened XRP’s real-world use cases.
Ripple’s stablecoin RLUSD is set to launch with regulatory approval in New York, offering new opportunities for XRP’s utility in the financial sector. Meanwhile, Ripple continues to unlock and relock XRP tokens monthly, demonstrating a commitment to market stability.
Bitcoin’s Rise Opens the Door for Altcoin Surge
While Bitcoin continues to reach new all-time highs, the recent gains of ADA and XRP have surpassed those of Bitcoin. Bitcoin’s price hit $99,600 before settling around $95,000, as ADA and XRP outperform in the market.
The anticipated policy changes under the new administration have sparked optimism in the market, particularly for tokens previously affected by regulatory constraints.
Cardano and Ripple’s focus on platform enhancements through continuous development has positioned them favorably in this evolving landscape. Their emphasis on scalability, efficiency, and real-world applications resonates with investors seeking to leverage blockchain technology without restrictive regulatory measures.
XRP Market Data
As of 12:44 pm UTC on Dec. 3, 2024, XRP is ranked #3 by market cap, with a price increase of 15.2% in the past 24 hours. XRP has a market capitalization of $155.85 billion and a 24-hour trading volume of $44.77 billion.
Crypto Market Summary
At the same time, the total crypto market is valued at $3.46 trillion with a 24-hour volume of $264.8 billion. Bitcoin dominance stands at 54.29%.
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