23 Sep 2022 Marsha Tusk
Cardano And Ripple Explode Amid A Turbulent Week For Cryptos
The past seven days managed to put immense stress on the crypto sector, with most of the projects still recovering from the downfall. Meanwhile, despite the broader downtrend, two cryptos stood out from the crowd.
It turns out that Cardano (ADA) and Ripple (XRP) are making gains, defying the broader market momentum. The latest price jump in ADA’s price happened moments after the much-awaited Vasil hard fork on Cardano went live.
Cardano explodes after the Vasil hard fork
Input Output Global (IOG) announced that the organization behind Cardano successfully upgraded its mainnet, despite the several delays prior to the fork going live.
“We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via an HFC event, thus deploying new #Vasil features to the chain.” IOG wrote on Twitter.
Vasil is vital for Cardano, as the update brings major performance and network capability improvement to the Cardano blockchain, combined with higher throughput capabilities, better developer experience, improved network performance, and lower costs.
“On September 27, at the start of the new epoch, the new Plutus V2 cost model will be active on the chain, thus opening up full #Vasil functionality for the developer community.,” the IOG team added.
In response to the update, Cardano’s price exploded, reaching a local high of $0.4791, after bottoming out at $0.4325 in the past seven days.
Ripple takes it all
While Cardano’s gains shadowed major cryptos like Bitcoin (BTC) and Ethereum (ETH), it was Ripple that took all the attention after spiking 30% overnight, extending its weekly gains to 56% as of press time.
The reason for the massive price spike is the crypto community expecting a positive outcome over Ripple’s legal battle with the SEC, while whales are also sucking up huge portions of XRP tokens.
“The price ratio of $XRP/ $BTC has hit a one-year high of 0.000025 on the continued optimism of a potential settlement of #Ripple with the #SEC. Active shark & whale addresses holding 1m to 10m $XRP have been in an accumulation pattern since late 2020.” on-chain data provider Santiment noted.
The two-year legal saga between Ripple and the U.S. Securities and Exchange Commission (SEC) may turn around in Ripple’s favor, as Ripple CEO Brad Garlinghouse noted that “The SEC has not been following the law in the pursuit of an outcome.”
“The SEC has lost its way turning a cuckoo for cocoa puffs,” Garlinghouse added.SEC Ripple XRP Cardano ADA coin Cardano Price cryptocurrency news crypto news SEC Security and Exchange Commission Crypto Price Ripple Price