XRP and ADA Market Cap Dominance Competition Becomes More Intense

In recent times, Cardano (ADA) and Ripple (XRP) have been in a neck-to-neck battle in which cryptocurrency will rank ahead of the other.

XRP, which was trading behind ADA a few days ago, usurped the smart contract token to become the sixth-largest cryptocurrency by market capitalization following a positive ruling from Judge Analisa Torres. 

The positive ruling saw the price of XRP surge to $0.91 per unit, while its market cap has also soared tremendously. Similarly, ADA has also held its ground as a valuable cryptocurrency as its price grew slightly to $1.25 a few days ago. 

At press time, XRP enthusiasts are still enjoying the positive ruling made by Judge Torres as reflected in the coin’s market cap, which is currently valued at $40.84 billion, putting the digital currency rank as the sixth-largest cryptocurrency. 

On the other hand, ADA is ranked the seventh-largest cryptocurrency with a market capitalization of $38.2 billion. 

It is worth noting that while the value of XRP in the future will be heavily reliant on the outcome of the Securities and Exchange Commission’s lawsuit against the blockchain company, ADA’s value will be determined by the continuous transition of Cardano into the decentralized finance space. 

The Cardano team is working relentlessly to make the network the favorite choice for developers. 

Since Cardano enabled smart contract functionality last year, a number of feats have been achieved, including the rising interest in the number of decentralized exchanges (DEXs) that want to launch on the network. 

A handful of DEXs has so far gone live on Cardano, with SundaeSwap (SUNDAE) being the first decentralized exchange on the network. 

With the launch of various DEXs on Cardano, user activities have been on the increase on the popular smart contract network. 

According to data on Cardano Scan, the transaction volume on the network has exceeded 30 million and the total value locked (TVL) across various Cardano-based protocols has reached $99.3 million. 

User activity keeps increasing as Cardano Scan suggests that the number of active addresses on the network has surpassed 162,000. 

Interestingly, Cardano enthusiasts are accumulating the ADA coin as they anticipate an inevitable rally that is to come in the coming months.