- Cardano (ADA) and Ripple (XRP) have seen double-digit price surges, defying the overall market sentiment.
- ADA has soared past $0.65, reaching as high as $0.70 recently.
- XRP is close to $0.90, marking a new 16-month peak, and its market cap has surpassed $50 billion.
Cryptocurrency prices are mostly down today after recent massive rallies. However, Cardano’s ADA and Ripple’s XRP have defied the overall market trend with double-digit gains.
XRP Approaches $0.90
Yesterday, XRP surged from $0.70 to over $0.80 for the first time since May 2021. The price jump was likely related to rumors that SEC Chair Gary Gensler may soon resign.
Although this remains unconfirmed, XRP’s price has continued climbing today unlike the rest of the market. The token spiked above $0.90 earlier today, hitting a new 16-month high. Despite slightly retracing, XRP remains up 22% on the day and 60% over the past week.
XRP’s market cap has skyrocketed to over $50 billion, nearing Dogecoin’s $53 billion valuation. According to Santiment, many XRP whales have started accumulating again, propelling their combined holdings to nearly 46 billion tokens – a 6.5-year high.
Regarding potential future price action, CryptoBull has suggested that XRP could surge as high as $2.30 by late January if history repeats.
ADA Surges 19%
Cardano’s ADA token saw a massive resurgence over the weekend after IOG founder Charles Hoskinson said he would help craft new US crypto regulations under Trump’s administration. After losing some ground, ADA went on the offensive again today.
ADA is up 19% in the past day, trading above $0.66 after reaching $0.70 earlier. That was its highest level since mid-March 2022.
According to analyst Ali Martinez, ADA could surge towards $6 by July or September 2023.
Conclusion
Despite today’s overall bearish sentiment, XRP and ADA continue defying the market with double-digit rallies. ADA has been further boosted by recent regulatory comments, while XRP keeps reacting to growing speculation around SEC Chair Gensler’s potential resignation.
