Why did XRP, XLM and ADA win so much in the past week?

This past weekend, some crypto commentators didn’t seem to understand why XRP (published by Ripple Labs), XLM (developed by Jed McCaleb) and ADA (founded by Charles Hoskinson) were the major winners in the CoinMarketCap top 20 over the past few days. However, you don’t have to look far to find the reason for this.

Speculation and altseason

In fact, there are actually two reasons why digital coins such as XRP, XLM and ADA did very well last week.

Congratulations Secretary Bessent. This is shaping up to be the most pro-crypto cabinet of all time https://t.co/mSO15TRr3X

— Charles Hoskinson (@IOHK_Charles) November 23, 2024

The first is that after a period of great Bitcoin price growth, there is usually an entrance by new crypto investors into other coins. This is a phenomenon known as AltSeason, or the period in which altcoins outperform Bitcoin.

XRP, ADA and XLM still have a lot of room make up against Bitcoin’s spectacular rise of the most recent weeks and months and are therefore eagerly being picked up by investors.

A lot of new people looking at Stellar so I thought I’d write down some quick thoughts about why Stellar is worth your time.
IMHO Stellar is the most underrated and least understood crypto project. A lot of recent attention but people are still sleeping on this network.

Stellar…

— Jed McCaleb (@JedMcCaleb) November 23, 2024

USA, USA, USA

The second, and much more important reason, is that there has been a rumor in the US media since last week that the Trump administration would like to abolish taxes on crypto profits for digital coins issued by an American company.

That’s actually a contradiction in terms because any cryptocurrency can be traded and purchased worldwide, and the company that issues the coin can be located in any country. Investors didn’t seem to care and ran with the new information.

The CEO of XRP is Brad Garlinghouse while the coin is run by Ripple Labs, a California company, the founder and CEO of ADA (Cardano) is Charles Hoskinson, an American from Colorado. Lastly, XLM was developed by Jed McCaleb, another American who we know from the famous MtGox history.

You see, the three big winners from the top 20 of the past week are the coins that would benefit if Trump crypto rules apply only to ‘American’ coins. Please note, no one from the Trump camp has confirmed this rumor at this time.