WOO X Research: XRP surges to third place in market value, what other old coins are worth paying attention to?
XRP has soared 3.5 times in a month. It is not surprising that it has not soared. What is surprising is that before the surge, XRP's market value was already ranked fifth in the total market value. No one expected that XRP's market value would easily surpass Solana and USDT to become the third largestcryptocurrency.
In fact, the surge in XRP is not without news. As early as November 12, WOO X ResearchIt has been written that SOL and XRP are potential beneficiaries due to regulatory factors.
In addition to the slowdown in regulation, Ripple has also released many positive signals:
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Multiple institutions applied for XRP ETF: On October 2, an application for XRP ETF was submitted and it has been officially submitted on the state government website. Ripple CEO Brad Garlinghouse then published a statement declaring that XRP ETF is "inevitable"
In addition to Bitwise, Canary and 21 Shares have also submitted Xiaobai NavigationApplication for XRP spot ETF.
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Stablecoin: In mid-November, Ripple announced the launch of the US dollar stablecoin Ripple USD (RLUSD), which is a stablecoin designed for corporate payments, with the aim of strengthening Ripple's cross-border payment solutions. The New York Department of Financial Services has told Ripple that it will approve the issuance of the stablecoin RLUSD, and the company plans to launch the product on December 4.
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South Korea's push: As XRP rises, South Korean VC Hashed Founder @0xryankim said that Ripple used a pyramid scheme to sell to South Korean aunts in 2014. Many people bought XRP at the time, which also led to the establishment of a real XRP community in South Korea.
It can also be observed on Upbit that the currency with the largest trading volume in Korean won is XRP, which is 10 times the trading volume of Bitcoin.
The sharp rise in XRP has also made the market very interested in other old coins with high market capitalization, hoping to replicate its price performance.
XLM
XLM is closely related to XRP. It was founded by Jed McCaleb and Joyce Kim in 2014. Jed McCaleb was involved in the creation of Ripple (XRP) and Mt. Gox. exchange.
XLM is primarily used for payments, with the goal of providing fast and cheap global payment solutions, especially for those areas that lack banking services.
While both Stellar and Ripple focus on payments, their target markets are different:
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Ripple is more focused on cross-border settlements for large financial institutions and banks.
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Stellar focuses on payments and inclusive finance for individuals and small and medium-sized enterprises.
XLM and XRP are closely related, so the price trends of the currencies are often synchronized. XLM can also be regarded as the Beta of XRP.
The recent news that has greatly stimulated the price increase of the currency is that on November 14, asset management giant Franklin Templeton announced an investment of $1.7 trillion in XLM.
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Market capitalization ranking: 15
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Current market value: 16.35536 billion
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Current coin price: 0.544
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Increase in the past seven days: +18%
ADA
Cardano is a PoS public chain founded in 2017 by Charles Hoskinson, one of the eight co-founders of Ethereum, after he left Ethereum. The source of funds for its listing was concentrated in the Japanese market, so some people say that most ADA players are in Japan.
At that time, PoS was a novel concept, and 250 TPS was also a representative of high-speed public chains in 2017. However, as time went by, Cardano's development speed has been criticized. Compared with other public chains, Cardano's upgrade and ecological advancement speed is relatively slow, resulting in most developers not choosing Cardano as the first choice for deploying projects, and the ecosystem is relatively weak.
This also led to the Cardano ecosystem’s DeFi and otherBlockchainApplications cannot reach the same level as Ethereum and otherBlockchainThe considerable maturity limits the ability to attract users.
However, the recent surge in ADA may be attributed to the effect of Trump's inauguration. First, it has eliminated the doubts that ADA is considered a security by the SEC. Second, the most important thing is that the founder Charles Hoskinson may become Trump'scryptocurrencyconsultant.
Although it is still in the speculation stage, Hoskinson's policy office is expected to open in January 2025, focusing on supporting legislative work. This also shows that Hoskinson is moving towards embracing compliance and crypto-friendliness, which also has a positive incentive effect on ADA.
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Market capitalization rank: 8
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Current market value: 46.294 billion
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Current coin price: 1.27
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Increase in the past seven days: +34%
HBAR
Founded in 2018 by Dr. Leemon Baird and Mance Harmon, the mainnet was launched in 2019. It is a long-established public chain that focused on low energy consumption and environmental protection. Hedera has already attracted many well-known Web 2 partners and customers, such as Google, IBM, Boeing, LG, Tata, etc. Recently, it also announced its entry into the RWA market and launched an open source toolkit for configuration, issuance and management on the Hedera network.Tokenbonds and stocks.
In terms of RWA applications, they launched the DOVU carbon rights trading platform, which can convert credits intoTokenization, converted into encrypted assets, making them available to businesses, governments and individuals.
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Market capitalization ranking: 19
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Current market value: 13.37544 billion
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Current coin price: 0.35
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Increase in the past seven days: +160%
The article comes from the Internet:WOO X Research: XRP surges to third place in market value, what other old coins are worth paying attention to?
The market still has a lot of room for improvement. Written by: Dessislava Aubert, Anastasia Melachrinos Translated by: Block unicorn On October 9, 2024, three market makers - ZM Quant, CLS Global and MyTrade - and their employees…
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