Place/Date: - May 6th, 2023 at 12:42 pm UTC · 3 min read
Ripple (XRP) and Solana (SOL) are popular cryptocurrencies. They are, however, affected by external market factors more than most other assets, a factor that has significantly slowed down their progress.
In other news, HedgeUp (HDUP) has impressed experts. Some believe the presale token could 40x and become a top 100 cryptocurrency on CMC.
XRP is a digital asset that was developed by the San Francisco-based FinTech company, Ripple Labs. It’s unlike other cryptocurrencies in that it was designed to work within the existing financial infrastructure.
The goal was for XRP to connect crypto exchanges, banks, and payment providers. It would serve as a bridge currency to make payments between different currencies faster and more cost-effective.
This makes it an innovative project and it’s no surprise that XRP has gone on to have a market cap of more than $23.8 billion. It is the 6th largest cryptocurrency by market cap.
Despite all that, the token has been at the center of an ongoing controversy with the Securities Exchange Commission (SEC). In 2020, the SEC filed a lawsuit against Ripple Labs and they have been in a legal battle ever since.
The lawsuit alleges that Ripple Labs sold XRP as an unregistered security. It has created regulatory uncertainty around XRP, causing some investors to shy from the token. The token now trades at $0.460037. Who knows how much better it would have been without the legal troubles?
Solana (SOL) has its own share of external factors affecting its position in the market. Two of these are security and technical issues on its blockchain. Last year on Aug. 2, Solana (SOL) suffered an attack that saw bad actors drain millions from more than 7,000 Solana wallets. This raised questions on the security of the protocol.
The protocol also suffers from an influx of spammy transactions by arbitrage bots. These spammy transactions result in wasted block space on the protocol. And in late February, it was hit by hours of network shutdown.
Solana (SOL) advertises itself as a cheaper, faster, and more scalable alternative to Ethereum. But these constant issues have created a group of critics that loudly question whether Solana (SOL) really is what it purports to be.
Of course, this has affected investor sentiment toward its native token SOL. The token hasn’t been performing as well as it should. It’s currently valued at $21.95, with a market cap of $8.6 billion.
HedgeUp (HDUP) is impressing crypto experts and investors. Experts predict that the presale token has the potential to make 4000% gains in 2023, allowing it to break into the top 100 tokens by market cap size.
This analysis has excited a lot of investors. As a result, they have been taking advantage of the HedgeUp (HDUP) presale to accumulate the token at a discount. The presale has just entered stage 3 and will be selling the token for $0.020.
Once it is officially released, HDUP will be used in HedgeUp’s new investment platform where people can invest in alternative asset classes by buying NFTs backed by real assets.
For more information on HedgeUp click the links: Website, Presale, Community links.
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