Ripple’s XRP Approaching $1, Can Cardano’s ADA Do The Same By Late 2024?

TL:DR;

The top two performers for larger-cap alternatives over the past few days have been Ripple’s XRP and Cardano’s ADA. Perplexity looks at each token’s chance to regain the coveted $1 price by the end of the year.

XRP at $1

It appears fueled by growing speculation that current SEC Chairman Gary Gensler will step down even before President-elect Donald Trump’s inauguration in January next year. This could be considered bullish for XRP, given the agency’s four-year legal battle against the company behind it.

While there is no real indication of who might replace Gensler at the helm of the securities regulator, the community is speculating that it will be someone pro-crypto. Or, at the very least, it won’t be any worse for the industry than the current administration.

As such, the value of XRP has soared in the past week by more than 70% and was today approaching $1 for the first time in over a year. Given its current price of $0.95, it seems inevitable that it will hit $1 at some point, most likely in the near future.

The popular AI chatbot – Perplexity – indicated that most analysts believe that XRP will exploit this level as soon as today. He further noted that the asset could continue its rally and add another 50% by the end of the year, if demand, as well as FOMO levels, remain or increase.

Recent reports suggest that Ripple whales have been piling up aggressively in recent weeks, pushing their overall XRP holdings to a 6.5-year high, meaning demand is strong.

What about the ADA?

Cardano’s native token has also been on the run lately, perhaps due to Charles Hoskinson’s revelation that he and the team will be part of a dedicated team to work with the Trump administration to create a friendlier regulatory landscape. around the industry. Also, this week he hinted at some sort of partnership with Elon Musk’s SpaceX, which could be behind ADA’s 20% daily rise to over $0.7.

The ADA now needs to increase by 38% to reach the $1 goal. Normally, that would sound like a lot, but not in today’s crypto environment. Many assets have increased by this amount in a matter of days. ADA is no exception as its price has increased by almost 70% in the past week.

However, Perplexity believes that XRP has a better chance of doing so, which is expected given the current prices of both assets.

“While there has been recent upward movement in the price of ADA, analysts are less optimistic about it reaching $1 by the end of the year compared to XRP given its current price trajectory and the required percentage of growth”.

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