XRP, ADA Rank as Top Weekly Gainers; Here’s Why

As Bitcoin keeps putting in new all-time highs on an almost daily basis, XRP and ADA are the largest weekly gainers in the top ten by market cap.

XRP is now back in sixth spot of the total market cap after Dogecoin temporarily moved past XRP amid a bullish DOGE announcement that Elon Musk will co-lead the D.O.G.E. Office.

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XRP’s market cap is at US$63.2 billion (AU$97.1 billion), DOGE’s is currently US$53.4 billion (AU$82.1 billion) after a slight price drop, and Cardano (ADA) has a market cap of US$28.4 billion (AU$43.6 billion).

ADA’s price is up almost 8% in the past 24 hours and 39% in the past week, while XRP gained 0.6% and 60% in the respective time frames.

Both have arguably had a below-average 2024 so far, so their catching up is not really a surprise. While some technical analysts say that the pair may face corrections soon, there are still a few developments worth paying attention to.

XRP Benefits from Legal Clarity on Trump Pro-Crypto Wave

For XRP, Donald Trump is a gift that keeps on giving. There are many rumours about changes in the leadership of the Securities and Exchange Commission (SEC) and senior roles of the incoming Trump administration possibly being staffed with pro-crypto individuals.

There are also rumours about a role being created that could be very bullish for the industry, a would-be Crypto Czar of the White House.

It is also quite likely that a pro-crypto SEC Chair could end the war on crypto, potentially resolving the SEC vs Ripple saga.

Developments around the RLUSD stablecoin by Ripple, which is set to be launched on the XRP Ledger (XRPL) and Ethereum, and a potential collaboration with other blockchains, including a possible Cardano partnership have pushed XRP well past a dollar to currently US$1.11 (AU$1.70).

Cardano Flies on Network Effect

Cardano is also experiencing collaboration talks. Cardano founder Charles Hoskinson has been a polarising figure in the past, quarrelling with communities of other projects over all sorts of issues.

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However, he has been striking a different chord these days, apologising to the Solana and XRP communities for past remarks, strongly hinting at collaborations.

In a recent clip, he stressed the need for different communities to come together and for ecosystems to work more collaboratively. During the video, Hoskinson mentioned several potential partnerships with XRP, Solana and Polkadot, especially with regards to Midnight, a ‘metachain’ which will potentially integrate with all blockchains.  

These developments have helped ADA move close to the one-dollar mark, currently trading for US$0.80 (AU$1.22), as per the TradingView chart below.