Sunday, April 18, 2021

Cardano (ADA) Moves Closer to Displacing XRP. Beginning of the End of Ripple’s digital Token?

Litecoin (LTC) has displaced Ripple’s native token XRP from the fourth position in the market. And considering the current data on CoinMarketCap, Cardano (ADA) might soon claim the 5th position from the embattled cryptocurrency, XRP.

XRP was a top cryptocurrency with a considerable user base until on 22nd December 2020 when the United States Securities Exchange Commission (SEC) filed a lawsuit against Ripple, the cross-border payment firm that oversees its distribution.

Read Also: Charles Hoskinson Wants Cardano (ADA) and Litecoin (LTC) to Work Together; Calls On Charlie Lee

Since then, XRP has been trending downward in terms of price. The cryptocurrency has opted out of the altseason that presumably started in early December 2020.

Virtually all top altcoins, including Ethereum (ETH), Cardano (ADA), Litecoin (LTC), among others, have recorded huge gains since the beginning of the rally, but XRP has been lagging behind. And this is expected to continue until the SEC’s lawsuit against XRP is resolved.

Cardano (ADA) Moves Closer To Displacing XRP

XRP’s loss of the most coveted positions in the crypto market started after it was displaced by the world’s largest stablecoin, Tether (USDT), followed by Litecoin (LTC). The next likely coin to overthrow XRP is ADA, the native token of the smart contract platform, Cardano.

Over the last 24 hours, Cardano (ADA) has been showcasing outstanding performance in terms of price. According to CoinMarketCap, ADA is trading at $0,279, with about a 26% price upsurge in the last 24 hours.

Read Also: XRP Is Distinct from Other Cryptocurrencies in Reacting to Regulatory News –Federal Reserve Bank of Dallas

Its market capitalization currently stands at relatively $9 billion. It’s also worthy of note that ADA has surged 55% over the last seven days, according to CoinMarketCap.

On the other hand, XRP that currently occupies the 5th position in the market has failed to print any major uptrend over the past seven days. Its market cap currently stands approximately at $10 billion.

Cardano (ADA) Moves Closer to Displacing XRP. Beginning of the End of Ripple’s digital Token?
Courtesy of CoinMarketCap

So, if this continues, there is a possibility for the cryptocurrency to lose its current position to Cardano (ADA). And many other top altcoins such as Polkadot (DOT), Bitcoin Cash (BCH), and Stellar Lumens (XLM), also stand the chance to eventually displace XRP.

Is This the Beginning of the End for XRP?

Obviously, this could the beginning of the end for the top altcoin, considering the gravity of the allegation leveled against Ripple, its major distributor.

Moreover, the latest Grayscale’s decision to remove XRP from its Digital Large Cap Fund is an indication that the lawsuit is likely not going in favor of Ripple.

Read Also: Just In: Coinbase Sued Over Receiving Commissions from Illicit XRP Sales

However, Ripple has vowed to defend itself in court, and make the world to hear its own side of the story. But until then, XRP is expected to continue to lag behind in the midst of other top cryptocurrencies.

Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

Related Articles

Latest Articles