XRP and Cardano (ADA) Are Completely utterly Useless – Says CEO of Financial Data Provider Estimize
The XRP and Cardano (ADA) markets have both garnered significant global attention, receiving both praise and criticism. The Ripple-backed XRP currently has a market capitalization of approximately $19,680,679,643 and a 24-hour trading volume of roughly $1,399,622,641, with a current exchange rate of around $0.387522 as of Friday. XRP has risen over 14,318% from its all-time low.
Meanwhile, the Cardano (ADA) ecosystem has a market capitalization of approximately $13,807,664,060, and a 24-hour trading volume of approximately half a billion. Currently ranked sixth and seventh, respectively, the XRP and ADA networks support smart contract technology in an effort to capitalize on the growing DeFi industry.
Cardano has recently updated its blockchain to support multichain communications within its DeFi ecosystem, with the announcement of the Valentine upgrade (SECP) to enhance multi-chain interoperability.
The XRPL network, on the other hand, has implemented several proposals including the XLS30d proposed automated market maker and XLS-20 to enable DeFi and NFT development.
Despite the efforts by these two blockchains to become global DeFi ecosystem hubs, not everyone believes in their future prosperity.
Are XRP and ADA Doomed?
According to Estimize CEO Leigh Drogen, the XRP and ADA markets have a bleak market outlook, despite controlling roughly $34 billion in valuation. Drogen indicates that this $34 billion will eventually flow to other networks that offer better solutions.
While some investors may be wary of the future prospects for XRP and ADA, these sentiments have not been well-received by the ADA and XRP online communities.
These communities remain optimistic and believe that their respective networks are well-positioned to take over the global crypto market, even in light of XRP’s ongoing legal issues following a lawsuit filed by the SEC two years ago.
