There was a bit of an uptick in the crypto market causing Bitcoin to reclaim $28,000, but coins like XRP and ADA have taken it a step further by cornering the market with double-digit gains. Both coins have emerged as two of the best performers this week, speaking volumes to their ability to hold gains going forward.
XRP, ADA Top The Charts
Over the last 24 hours, XRP and ADA have made significant strides in terms of their prices. They have now flipped Bitcoin in terms of performance on the weekly period, even though the pioneer cryptocurrency was in the lead previously.
While Bitcoin and Ethereum are seeing below 2% in this one-day period, both ADA and XRP have rallied more than 10%. According to data from Coinmarketcap, ADA is seeing gains of 10.15% over the last day, while XRP has emerged as the market leader after rising 15.27%.
XRP and ADA lead market gains | Source: Coinmarketcap
Both of these assets have defiled the slow trend that was recorded among altcoins which were having a hard time keeping up with Bitcoin’s gains. They are both in the top three list of gainers with Algorand (ALGO) coming in second with gains of 10.38%, just slightly higher than ADA’s.
Why There Could Be More Rallies To Come
Right now, the crypto market is still seeing muted movement because investors are waiting to hear what the Fed decides once the FOMC meeting is concluded on Wednesday. Although expectations are largely positive, there is still some skepticism, especially with the failure of multiple banks over the last month.
ADA price crosses the $3.7 level | Source: ADAUSD on TradingView.com
If the Fed were to go with the expected 25 basis points interest rate hike, it would be very bullish for the market. As a result, coins like XRP and ADA would likely continue to rally, as well as the broader cryptocurrency market.
However, if there were to be a 50 bps rate hike, then it would be incredibly bearish for the market. Risk assets such as cryptocurrencies would suffer the brunt of it, following the lead of the stock market. But the Fed has already shown it is loosening on its hawkish stance, especially with inflation coming out to 6% with the last CPI data release.
At the time of writing, ADA is trending at $0.3741 while XRP is changing hands at a price of $0.4514. Both assets have seen a significant uptick in their trading volume in the last day, rising 176% and 318%, respectively.