Nov 16, 2024

6thTrade

Over the past few days, Ripple’s XRP and Cardano’s ADA have emerged as top performers among larger-cap altcoins. Analysts are speculating on the likelihood of these tokens reclaiming the $1 price mark by year-end. Here’s an analysis of their current performance and prospects:

XRP’s Path to $1

XRP has experienced a significant surge, rising over 70% in the past week and recently hitting $0.95, its highest price in more than a year. Market optimism appears fueled by rumors that SEC Chair Gary Gensler might step down before President-elect Donald Trump’s inauguration. This potential shift in SEC leadership has been interpreted as bullish for XRP, as the regulatory agency’s ongoing legal battle with Ripple has weighed heavily on the token for years.

Community speculation suggests that a more crypto-friendly successor to Gensler could further boost XRP’s value. Reports also highlight aggressive accumulation by Ripple whales, with their XRP holdings reaching a 6.5-year high, signaling strong demand. Popular AI chatbot Perplexity predicts that XRP will likely hit $1 soon and could climb an additional 50% by year-end if current demand and FOMO persist.

ADA’s Recent Surge

Cardano’s ADA has also gained momentum, bolstered by Charles Hoskinson’s announcement of collaboration with Trump’s incoming administration to foster crypto-friendly regulations. Additionally, Hoskinson hinted at a potential partnership with SpaceX, which has driven ADA’s daily surge of 20%, pushing it to over $0.70.

To reach $1, ADA would need to rise by another 38%. While that might seem challenging, the current bullish crypto environment makes such gains feasible, as ADA has already climbed nearly 70% in the past week. However, Perplexity suggests that XRP has a higher probability of hitting the $1 mark sooner, given its proximity to the target and current growth trajectory.

In summary, while both XRP and ADA are on strong upward trajectories, analysts are more confident about XRP crossing the $1 threshold in the near term, thanks to its current momentum and market dynamics.