Background: A single-day surge of nearly 30%, the biggest surprise in the XRP cost cycle
XRP has skyrocketed 3.5 times in one month. It is not surprising if it does not increase. 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 largest cryptocurrency by market value.
In fact, the surge in XRP is not without news. As early as November 12, WOO X Research wrote that SOL and XRP are potential beneficiaries due to regulatory factors (https://x.com/WOOXResearch/status/1856236859707240523)
In addition to the slowdown in regulation, Ripple has also released many positive signals:
Multiple institutions have applied for XRP ETF: On October 2, an XRP ETF application was submitted, now officially filed on the state government website. Subsequently, Ripple CEO Brad Garlinghouse declared that the XRP ETF is 'inevitable.'
In addition to Bitwise taking the lead, Canary and 21 Shares have also submitted applications for an XRP spot ETF.
Stablecoin: In mid-November, Ripple announced the launch of the US dollar stablecoin Ripple USD (RL USD), specifically designed for corporate payments, aimed at enhancing Ripple's cross-border payment solutions. The New York Department of Financial Services has indicated to Ripple that it will approve the issuance of the stablecoin RL USD, with the company planning to launch the product on December 4.
Korea Promotion: With the rise of XRP, Korean VC Hashed Founder @ 0xryankim stated that Ripple sold to Korean grandmothers using a Ponzi scheme in 2014, leading to many people purchasing XRP at that time, which resulted in a real XRP community in Korea.
It can also be observed on Upbit that the largest trading volume in Korean won is for XRP, exceeding Bitcoin's trading volume by 10 times.
The surge in XRP has also sparked interest in other high-market-cap legacy coins, hoping to replicate its price performance.
XLM
XLM and XRP have numerous connections; it was founded by Jed McCaleb and Joyce Kim in 2014. Jed McCaleb was also involved in creating Ripple (XRP) and the Mt. Gox exchange.
XLM is primarily used for payments, aiming to provide a fast and inexpensive global payment solution, especially for regions lacking banking services.
While both Stellar and Ripple focus on payments, their target markets are different:
Ripple focuses more on cross-border settlements for large financial institutions and banks.
Stellar, on the other hand, focuses on payments and inclusive finance for individuals and small to medium-sized enterprises.
XLM has a close relationship with XRP, and thus their price movements often synchronize; XLM can also be seen as a Beta of XRP.
The recent major incentive for the price increase is that on November 14, asset management giant Franklin Templeton announced an investment of $1.7 trillion in XLM.
Market Cap Ranking: 15
Current Market Cap: 16.35536 billion
Current Coin Price: 0.544
Price Increase Over the Last Seven Days: +18%
ADA
Cardano was founded in 2017 by Charles Hoskinson, one of the eight co-founders of Ethereum, after leaving Ethereum. The funding source at the time of its launch was concentrated in the Japanese market, leading to the belief that many ADA players are from Japan.
At the time, PoS was a novel concept, and 250 TPS was considered representative of high-speed public chains in 2017. However, over time, Cardano's development pace has faced criticism. Compared to other public chains, Cardano's upgrades and ecosystem advancements have been relatively slow, leading most developers to not prioritize Cardano as their deployment choice, resulting in a relatively thin ecosystem.
This has also led to the inability of Cardano's DeFi and other blockchain applications to reach a maturity comparable to that of Ethereum and other blockchains, limiting their ability to attract users.
The recent surge in ADA may be attributed to the effects of Trump's presidency, firstly alleviating concerns that ADA would be classified as a security by the SEC, and more importantly: founder Charles Hoskinson may become Trump's cryptocurrency advisor.
Although it is currently in the speculative stage, Hoskinson's policy office is expected to open in January 2025, focusing on legislative support. This also shows that Hoskinson is moving towards embracing compliance and cryptocurrency-friendly directions, which has a positive incentivizing effect on ADA.
Market Cap Ranking: 8
Current Market Cap: 46.29404 billion
Current Coin Price: 1.27
Price Increase Over the Last Seven Days: +34%
HBAR
Founded in 2018 by Dr. Leemon Baird and Mance Harmon, the mainnet launched in 2019. As an established public chain, it focused on low energy consumption and environmental sustainability at the time. Hedera has already attracted many well-known Web 2 partners and clients, such as Google, IBM, Boeing, LG, Tata, etc. Recently, it announced its entry into the RWA market, launching an open-source toolkit for configuring, issuing, and managing tokenized bonds and stocks on the Hedera network.
In terms of RWA applications, they launched the DOVU carbon credit trading platform, which can tokenize credit limits and convert them into crypto assets for use by enterprises, governments, and individuals.
Market Cap Ranking: 19
Current Market Cap: 13.37544 billion
Current Coin Price: 0.35
Price Increase Over the Last Seven Days: +160%
