Cardano becomes the sixth-largest crypto by market capitalization

Cardano ($ADA) has surpassed $XRP to become the sixth-largest cryptocurrency by market capitalization, as part of a broader cryptocurrency market recovery that has seen ADA’s price jump by more than 25% in the last 24 hours.

Cardano now has a market value of more than R338 billion, whereas XRP has a market capitalization of R 312 billion, according to available statistics. ADA has gained about 25% in the previous 24 hours, while XRP has gained slightly more than 5%.

According to CryptoGlobe, over 5 million native assets have been created on top of the Cardano blockchain, more than tripling the figure recorded at the end of last year. Cardano presently has 5.01 million native assets deployed over 54,800 policies. According to Cardano’s documentation, minting policies are a “collection of rules that regulate the minting and burning of assets scoped under that policy.”

Native tokens are unique assets that can be used “straight out of the box – without the usage of smart contracts.” The documentation for the network states that native assets can “practically be treated as ada in every sense because the capability is already built-in.”

Data also suggest that ADA whale transactions have increased to a 4-month high after the cryptocurrency’s price fell to a low of R6,22 earlier this year. Whales appeared to be buying the dip in anticipation of a future hard fork that will boost network performance. The Vasil hard fork is expected to provide a “significant improvement” to the network.

Meanwhile, Ripple co-founder Jed McCaleb, who has sold over 450 million tokens this year and still has over 220 million on his wallet, has weighed on the price of XRP.

McCaleb is claimed to have begun working on Ripple in 2011 and was a member of the company’s founding team when it launched in 2013. While he left to work on Stellar (XLM) in 2014, he was given 8 billion XRP coins for his involvement in inventing and launching OpenCoin, which was ultimately rebranded by Ripple.

The entrepreneur receives the cash on a regular basis and has stated on XRP Talk, a community for XRP investors and supporters, that he intends to sell the funds as soon as they arrive.

The US Securities and Exchange Commission (SEC) has also filed a complaint against Ripple, alleging that the company and two of its executives “raised over R20 billion through an unregistered, ongoing digital asset securities offering.”

A panel of cryptocurrency industry experts forecasts that the price of XRP will reach R39,64 by the end of the year, rise to R56.12 by the end of 2025, and reach R77.11 by the end of 2030.

The panel’s estimate is based on Ripple prevailing in its dispute against the SEC. If Ripple loses, the panel expects XRP to fall to R10.57.

Cardano becomes the sixth-largest crypto by market capitalization

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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