- XRP and HBAR led the market rally post the 2024 US elections.
- XRP rose 328% and HBAR skyrocketed 457% since then.
- President-elect Donald Trump has exposure to XRP and HBAR as well.
XRP and Hedera (HBAR) are among the best performers in the crypto market since a pro-crypto candidate won the 2024 United States presidential elections on November 5. While XRP gained 328%, HBAR climbed 457% since then.
CoinMarketCap data shows XRP was ranked third among digital assets, hitting multi-year highs in early December. However, at the time of writing, the altcoin has dropped to fourth position despite a 28% surge in the number of non-empty wallets in the past two years.
Why XRP is Rising: Ripple’s RLUSD Stablecoin and Bitstamp Partnership
XRP’s price jump followed news of American crypto firms thriving under the new administration. Furthermore, the debut of Ripple’s anticipated RLUSD stablecoin added fuel to the digital asset’s price increase. The firm is also in talks with the crypto platform Bitstamp, planning to build a derivatives exchange on the XRP Ledger, which could boost XRP’s price in 2025.
Meanwhile, HBAR’s price increase propelled the altcoin into the top 20 largest digital assets. The cryptocurrency still has significant upside potential with rumors of president-elect Trump having bought the altcoin . Trump has exposure to HBAR and XRP, enough for the two altcoins to turn bullish once the current profit-taking phase ends.
Interest in Altcoins on the Rise
Other strong altcoins in the top 10 cryptocurrencies include Cardano (ADA), up 160%, and Chainlink (LINK), up 99%. Dogecoin (DOGE) also increased 84% since the election. Other tokens with big gains include Stellar (XLM), up 275%, and Sui (SUI), up 112%.
These altcoins gained as Bitcoin passed $100,000 and reached a $2 trillion valuation. Investors moved profits from BTC to altcoins, and the projects mentioned stood out due to their active ecosystems, strong communities, and proactive developers.
BTC dominance currently stands at 57.4%. For an altcoin rally to take hold, BTC dominance needs to drop further. Altseason only begins when Bitcoin cedes its dominance in the sector and other cryptocurrencies see major valuations.
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