Cardano ($ADA) has become the sixth largest cryptocurrency by market cap after overtaking $XRP amid a crypto market rally that saw the price of ADA surge more than 25% in the last 24 hours.
As the data shows, Cardano’s market cap is currently above $21.7B, while XRP’s market cap is at $20.2B. In the past 24 hours, ADA is up almost 25%, while XRP is up less, at around 5%.
As reported by CryptoGlobe, more than 5 million native assets have now been minted on the Cardano blockchain, more than double the number at the end of last year.
There are now 5.01 million Cardano native assets deployed across more than 54,800 policies. Cardano’s documentation defines mining policies as “a set of rules governing the minting and burning of assets within a policy scope”.
The native tokens themselves are private tokens that can be interacted with “instantly—without the use of smart contracts.” The Cardano network’s documentation also notes that native assets can “be considered ADA in every way because all of the features are inherently built-in.”
The data also shows that trades from ADA whales surged to a 4-month high after the price of the cryptocurrency fell to a low of $0.40 earlier this year.
The whales seem to be accumulating during the current downtrend ahead of the upcoming hard fork. The aforementioned hard fork, known as the Vasil hard fork, was set up with the vision of providing a “major improvement” to the network.
Meanwhile, the price of XRP has been negatively impacted by Ripple co-founder Jed McCaleb, who has sold over 450 million XRP to date and still has over 220 million XRP in his wallet.
McCaleb is said to have been working with Ripple since 2011 and was part of the founding team when the company launched in 2013.
When he left it in 2014 to build Stellar (XLM), he was awarded 8 billion XRP tokens for his role in the development and founding of OpenCoin, which was later renamed into Ripple.
The businessman is rewarded with tokens on a fixed schedule and has clarified in the XRP Talk, a forum for XRP investors and proponents, that he plans to sell the XRP he receives.
XRP is also currently being negatively impacted by a lawsuit brought by the United States Securities and Exchange Commission (SEC) against Ripple, in which the regulator accuses the company and two of its executives of fraud. It “raised over $1.3B through an unregistered digital asset securities offering.”
A group of crypto industry experts have predicted that the price of XRP will reach $2.55 by year-end and will see the asset rise to $3.61 by the end of 2025 and $4.98 by the end of 2030.
The panel’s prediction is based on Ripple’s positive outcome in its lawsuit with the SEC. If Ripple loses the above lawsuit, the electronic board will see the value of XRP plunge to $0.68.
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