XRP is booming, Cardano is launching a stablecoin: top crypto news analysis

Hi, crypto bestie!

Vanessa from the best crypto community, buidlbee, here! I know it's been a minute but I'm back and better than ever with the best analysis to help you make it big with crypto!

Let's get into it...

• Ripple is causing waves in the crypto market 📈

• Another stablecoin is coming and Cardano is behind it 🧐

• QUACK is setting trends not following them

Ripple market cap boomed overnight and XRP is on the rise 

Remember when we talked about Ripple's CEO, Brad Garlinghouse, being super positive about the blockchain's future? Well, you might as well hand him a glass ball and call him psychic, because, in just 24 hours, XRP's market cap grew by $1B and in 7 days the altcoin's price is up by 7%!

Despite the company's tussles with SEC, which is set to be finalized before the third quarter of 2023, XRP whale addresses increased towards the end of last year, now controlling 18.3% and holding 100,000 to 10 million tokens of the total supply! XRP is currently trading at $0.4075 per token with a market cap of $21.4B as of the time of writing.

So is this boom worth tapping into? Only time will tell friend, but if the future hearing rules in favor of Ripple, there's no telling where XRP could go 🚀

Cardano's new stablecoin is set to launch on Bitrue

A Cardano-based stablecoin, DJED, will be launched next month on Bitrue exchange alongside another stablecoin, SHEN, as announced by the COTI Network. So it seems as though we'll have a lot more to expect than their promised Valentine's package.

Now how is this going to affect ADA if at all?

Investors will be able to trade their volatile ADA tokens for the more stable DJED or SHEN. DJED is now an over-collateralized token by about 400%-800% — thanks to ADA — thereby offering more security for holders.

However, regardless of the news, ADA has dropped by at least 6% in the last 24 hours, returning to its support levels. It currently trades at $0.354, but will most likely be boosted by the launch of DJED, so this may be the best opportunity to grab it while you can.

The market was down yesterday, and this is why

If you check out our market overview chart above, one thing is clear — most crypto assets were in the red zone yesterday. The bears were creeping in, and according to CoinMarketCap, there were up to 19% worth of market capitalization losses. Popular coins like Solana suffered a 6.15% loss, and Axie also dropped by 10.38%.

So what caused the sudden blood bath?

A report will be released later today on Gross Domestic Product (GDP) values, and just like the low CPI positively influenced crypto and other assets, if the GDP value is low, it could also positively affect the market. Examples are when the 0.9% GDP report for July 28, 2022, pumped Bitcoin up by 7% and the second quarter of 2020 when GDP dropped by 32.9%, raising Bitcoin by at least 54.26% from $5.2925 to $9.140. The announcement and the possibility of an increase in GDP caused fluctuations in the market.

Yesterday, Bitcoin dropped by at least 1.37% and briefly fell below $23K. Ethereum also suffered a loss of 4.35%. In fact, it seems like the only coin that didn’t suffer from the bears was Aptos which grew by 24.01% and is currently at $18.59. We wrote all about the reasons here. However, the market seems to be doing okay today and hopefully stays that way 🤞

Here’s a bonus read for you, bestie! 🥳 The meme coin social media awards are in, and our faves — DOGE, SHIB, and QUACK — all made the list. Who took the crown for social media relevance? I have all the answers right here.

There you have it! A short and sweet run down of what was important in the crypto market today. Share with a friend and I'll see you tomorrow with more tips to help you make it with crypto! 🔥