Key Takeaways
- XRP surpasses Solana on the coin rankings
- The latest coin rankings are largely down to the bearish trend that has engulfed the market
- XRP continues to face major lawsuit with the SEC
Solana is one of the few projects that has enjoyed an exponential rise in price in the past 30 days.
The altcoin hit an all-time high of $215 some weeks ago but has steadily lost value in recent days.
Several analysts have attributed this sharp decline to its mainnet beta shutting down after a denial of service disruption.
This made SOL dip by double figures (18%), and it is thought to have been caused by a spike in transactions that overwhelmed its existing infrastructure.
The mainnet beta shut down for 18 hours and leaving many Solana-based Dapps unsuitable for 18 hours.
This delay caused holders to sell their Solana and invest in other coins, steadily reducing the community engagement on Solana.
It is also understood that Solana’s stock has dropped from its early highs, and the price may gradually go down.
Ripple, meanwhile, has not fared too positively on the charts and currently leads Solana with less than $600,000 tokens based on CoinMarketCap.
In addition, the cross-border payment token has been involved in a dispute with the CAC, which hamstrung its native token XRP.
The case, which is still in court, has gone through different orders, injunctions and evidence for both parties.
Nevertheless, XRP continues to recover and is priced at $0.9332 at the time of publication.
In addition, RippleNet solutions have been deployed by several financial institutions that want to improve their turnaround time.
Some analysts have predicted that SOL could rise to as high as $250 and that the bullish run is not yet over.
What do you think about the drop in price with Solana?
