XRP and Hedera (HBAR) Skyrocket as Pro-Crypto Candidate Wins 2024 United States Presidential Elections

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.

XRP and Hedera (HBAR) have been the best performers in the crypto market following a pro-crypto candidate's victory in the 2024 United States presidential elections on November 5. XRP gained 328%, while HBAR climbed 457% in the same period.

According to CoinMarketCap, XRP was ranked third among digital assets, reaching multi-year highs in early December. However, at the last check, the altcoin dropped to fourth position despite a 28% surge in the number of non-empty wallets in the past two years.

XRP’s price surge came amid news of American crypto firms flourishing under the new administration. Additionally, the debut of Ripple’s much-anticipated RLUSD stablecoin drove the digital asset's price up. 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.

On the other hand, HBAR’s price increase saw the altcoin enter the top 20 largest digital assets. The cryptocurrency still has potential for further gains 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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