Hedera's 27% Surge on IBM Deal Fades as XRP Maintains Market Momentum
Hedera (HBAR) saw its price surge by 27% in just 24 hours after IBM added a Hedera-based identity app to its IBM Cloud Catalog. The IDTrust app, developed by The Hashgraph Group, enables companies to verify digital identities on the Hedera network. However, the excitement was short-lived as HBAR fell 16% the following day.
Despite the decline, IBM still lists the app, suggesting that traders cashed in profits rather than negative news. The price of HBAR is currently around $0.11. Both HBAR and XRP aim to attract investors by promoting their enterprise adoption potential.
The market capitalization of XRP is significantly larger than HBAR's, with a value of around $94 billion compared to HBAR's roughly $5 billion valuation. This makes XRP less sensitive to individual news events than HBAR. Evernorth, a Ripple-backed company, holds over 473 million XRP, valued at approximately $700 million.
XRP faces a supply challenge, with approximately 37 billion of its total 100 billion tokens yet to enter circulation. Hedera charges small fees in HBAR for transactions on its network, but most transactions cost just a fraction of a cent.