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Crypto markets have been in a significant bullish phase, generating more activity than ever. Since November, multiple tokens have seen significant bullish moves. Among them, XRP was among the best performers.
As XRP saw huge growth, another token is attracting a lot of attention. DeFi token Elluminex promises to overhaul TON’s ecosystem, bringing in much-needed liquidity.
Ripple (XRP) has been one of the best performers in this cycle. Since November, XRP went from $0.5 to $3.09, an increase of more than 500%. This surge brought XRP to the top 3 spot among all crypto assets. Now, the token trails only Bitcoin and Ethereum.
The latest price jump for XRP was due to significant whale accumulation. Whale wallets, or those holding 1 million to 10 million XRP, have hit an all-time high (ATH) of 2,083. This accumulation coincided with XRP reaching its weekly high of $3.10.
That’s not the only factor driving the token’s growth. The main catalyst since its start was Donald Trump’s November US election win. With a more crypto-friendly administration, XRP stands to gain the most. Currently, Ripple is in a lengthy lawsuit with the SEC, which has depressed its performance. With new leadership, the SEC could take a more conciliatory approach.
At the same time, XRP stands to gain from crypto going mainstream. As most of Ripple’s clients are businesses, they are naturally skeptical of crypto. With cross-border payments being among the top use cases for crypto, Ripple is in a strong position to solidify its place as the top crypto asset.
BlackRock CEO Larry Fink signaled that institutional interest could be driving crypto markets to new highs. The executive believes that Bitcoin could go as high as $700,000. This will likely push up most altcoins, especially XRP.
Another project that has recently been attracting attention is Elluminex (ELX). Notably, the project reached a new milestone as it realized its potential to transform the TON ecosystem. Namely, this platform will be the first DeFi hub built on TON.
In January, the project hit a presale milestone, raising $300,000 from investors. While still in its early stages, the funds will help it develop a comprehensive DeFi platform for TON. Thanks to its innovative approach, Elluminex has the potential to bring substantial liquidity to the network.
In particular, Elluminex is seeking to connect TON with over 40 major networks. By using cross-chain bridges, Elluminex will facilitate cross-chain swaps to TON. This will enable traders to bring in liquidity from other chains.
The added liquidity will help reduce slippage on Elluminex, making trading much more efficient. This is particularly important for high-frequency traders, who contribute substantially to trading volume. At the same time, a range of advanced features will help make trading user-friendly.
Notably, Elluminex is leveraging AI to make trading more accessible than ever. Its AI portfolio tracker will offer real-time, actionable insights, helping traders make better decisions. This tool will help level the playing field in trading, and bring more traders to TON.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
