Ripple’s native XRP replaces Cardano’s ADA as the world’s 7th largest cryptocurrency by market cap.
During the last 7-days, the crypto market has had a very rough phase. As the Bitcoin fell below $19k, in the meantime, the average price remained $19.5k. Bitcoin lost value by 4% during the period.
All the altcoins, as always, followed the course, and saw a significant downtrend. It is despite this very market situation that the XRP has out performed ADA.
For quite some time, the difference between ADA and XRP market cap was depleting continuously. Currently, relative to the $16.13 billion market cap of ADA, the XRP has a market cap of $16.53 billion.
The reason behind XRP replacing ADA is the On-chain activity on Ripple network. There is a clear surge in On-chain activity over the past three weeks. Although the entire market is facing outflows, Ripple is seeing significant inflows on the network.
One of the causes of investors’ rising trust in XRP may be Ripple’s position in the SEC lawsuit. It is apparent that if Ripple emerges as the victor, which is quite evident, it will be validated. Effectively, Ripple’s XRP will then be one of World’s safest assets to invest in.
Further, Wo Jake, an XRPL developer recently tweeted a thread through which he showed Ripple’s progression with regards to Automatic Market Maker (AMM). The developer stated that the AMM (Automated Market Maker) amendment introduced by Ripple developers, including CTO David Schwartz, has been proposed as PR on rippled’s codebase.
More than a month ago Ripple had proposed ‘XLS-30d’. The proposal sought the introduction of a noncustodial automated market maker (AMM) on XRPL Dex as a native feature. The aim of the proposal was to maximise the returns for the investors supplying liquidity for AMM.