XRP, Cardano race ahead as legacy tokens fall behind: What’s happening?
The post XRP, Cardano race ahead as legacy tokens fall behind: What’s happening? appeared on BitcoinEthereumNews.com.
Journalist Posted: November 17, 2024 Cardano and XRP have made outstanding gains in the past two weeks. Legacy tokens have made decent returns in November, but we must zoom out to better understand where the market conviction truly lies. Ripple [XRP] and Cardano [ADA] stand at a market capitalization of $60.5 billion and $26.2 billion respectively and have been trading since 2014 and 2018. They have stood the test of time so far, and are among the top trending altcoins that aren’t memes in the market. The promise of cross-border payments and robust blockchain technology has attracted droves of investors to these tokens. During previous cycles, such promises attracted users to other coins as well, which are now a lot less prominent in the public eye. What can be learned from their price action? XRP, ADA — Not all coins are equally loved Source: LTC/USDT on TradingView Let’s take Litecoin [LTC], dubbed “the silver to Bitcoin’s gold” years ago. Since the lows on the 4th of November, LTC has been up by 35.14%. For comparison, XRP has gained 114.2% and ADA rallied by 135.49% during the same period. Moreover, while XRP and Cardano broke out beyond significant multi-month range formations to establish new highs, LTC was resolutely stuck within one that stretched back to late 2022. While Litecoin’s weekly structure was bullish, the mid-range level posed resistance. Source: EOS/USDT on TradingView EOS has been trading since 2018 and has a market cap of $988 million. It, too, saw a weekly bullish structure break but is 98.2% down from its all-time high at $22.71 set in April 2018. The token is up by 61% since last Monday’s lows. Long-term conviction wavers Source: SOL/USDT on TradingView Since the 4th of November’s lows, Solana has gained a mere 41.8% and achieved a range-breakout…
Filed under: News - @ November 17, 2024 8:15 am