Hedera Token Surges on IBM Listing, but XRP Remains Ahead in Enterprise Adoption
Hedera's HBAR token surged 27% on September 28 after IBM listed The Hashgraph Group's IDTrust identity app in its Cloud Catalog. However, this gain was short-lived as sellers stepped in and the price fell by 16% the following day.
Despite this decline, IDTrust remains available in IBM's catalog, suggesting that the drop may be due to profit-taking rather than negative news. As of September 30, HBAR trades at around $0.11.
Hedera and XRP both aim to attract investors by promoting their enterprise adoption potential. However, XRP has a larger market capitalization, with a value of around $94 billion compared to HBAR's roughly $5 billion. Additionally, XRP is closer to its all-time high price, having fallen only 59%, while HBAR is down 81% from its peak.
XRP also has the backing of Evernorth, a Ripple-backed company that holds over 473 million XRP tokens. This significant corporate owner gives XRP a clearer path forward and more trading activity.