Ripple or Cardano: Which one will reach $1 first?
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Answer Ripple or Cardano: Which one will reach $1 first?
Currently there are more than 22 thousand altcoins (according to the platform coinmarketcap) of which 10 altcoins are the largest in terms of total market capitalization.
Ripple and Cardano are one of these larger altcoins that have fundamental characteristics that make them stand out from the rest.
Despite their differences in market capitalization and total supply, these two currencies share some similarities, such as a loyal community and the ambition of holders hoping for the price to return to $1.
XRP, developed by Ripple, is a digital token created to be used as a medium of exchange in facilitating global transfers and enhancing the efficiency of international payments.Read:The founder of Tron interacts with the Arab Bitcoin competition and the Arab Tron community and congratulates
This is achieved by making it faster and more affordable.
Cardano is an open source cryptocurrency that aims to provide a solid foundation for building scalable and secure decentralized applications driven by a proof of stake consensus mechanism.
Cardano features a layered architecture, which enables the separation of the data layer and the smart contract layer, providing a unique and innovative approach to blockchain technology.
What is expected of XRP in 2023?
The XRP community is eagerly awaiting the outcome of the legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) that has been going on since 2020.
The SEC charged the company with illegally selling XRP as an investment without registering it as collateral.
And profit from these sales, along with its executives.
Ripple insists that XRP is a digital currency and not a security token.
The case is still ongoing, and no final decision has been made yet.
However, there is a high level of expectation that the lawsuit will reach a conclusion this year and that the SEC’s analysis will provide more clarity on what constitutes security tokens.Read:National Commercial Bank (NCB) Joins RippleNet
Some investors believe in the victory of Ripple or even the agreement between the two parties.
This outcome will be crucial to XRP’s ability to maintain its place among the top 10 cryptocurrencies and potentially re-adopt it on Coinbase.
A return to Coinbase could be a positive catalyst for the price of XRP, as Coinbase has a history of successfully raising the value of listed cryptocurrencies.
What is expected of the ADA in 2023?
Cardano, which is the main competitor to Ethereum, has faced challenges in improving the user experience and identifying the real demand for its ecosystem in the market.
Despite a dedicated community and large number of active developers, usage of the Cardano ecosystem remains low.
If the market demand of the Cardano ecosystem materializes, the platform has the potential to perform well due to its robust ecosystem, decentralized architecture, and strong scalability.
These strengths put Cardano in a good position to take advantage of any positive developments within its network.
Cardano is implementing a number of new features, including stablecoin issuance, decentralized oracles, sidenets, and dApps optimized for EUTxO, with the goal of positioning itself as a strong competitor to Ethereum.Read:Binance founder explains the real reason behind the collapse of the crypto market
The goal of all of the aforementioned is to increase the demand for the Cardano blockchain and provide ease of use compared to other cryptocurrencies, such as Solana.
The $1 Battle:
As of press time, Ripple is trading at $0.39, while ADA is trading at $0.33.
While the price difference between the two currencies is relatively small, there is a noticeable difference in the market value.
The market capitalization of XRP has remained relatively stable since the beginning of 2023, although it has seen an increase of 15%.
However, this growth has been slower compared to other cryptocurrencies that have a spot in the top 10 cryptocurrencies by market capitalization.
Conversely, the price of ADA has seen a significant increase in market capitalization by 33% since the beginning of the year.
The current trend of investor sentiment and capital growth suggests that Cardano may have an edge over XRP, assuming that the latter’s performance remains heavily influenced by the outcome of the SEC’s decision.
In conclusion, we recall that the digital currency market is very volatile, and conditions can change quickly, and the two currencies together may reach $ 1, or they may not, and they may lag behind ranks outside the list of the first 10 digital currencies in terms of total market value.
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