If you're looking for a cheap, bargain-priced cryptocurrency with explosive upside potential, two of the best prospects are XRP (XRP +3.44%) and Cardano (ADA +10.29%). Currently, XRP is trading around $2, while Cardano is trading around the $0.50 price level.
Which of these cryptocurrencies -- both ranked among the top 10 in the world according to market cap -- is the better buy right now?
Past performance
If recent performance is all that matters, XRP is the winner, and it's not even close. For the year, XRP has eked out a 1% gain, while Cardano is down a jaw-dropping 50%.
CRYPTO: ADA
Key Data Points
While XRP recently made a run at a new all-time high in July, Cardano hasn't been relevant for years. It's still trading at a massive 85% discount to its all-time high from 2021.
Future upside potential
Cardano, despite all the buzz that it might one day surpass Ethereum (ETH +7.96%) as the preeminent blockchain network in the world, has never lived up to its early hype.
Image source: Getty Images.
In part, that's because Cardano has taken a safe, cautious, and prudent approach to blockchain development. That has left it struggling to keep up with competitors, many of whom have a "break it and apologize later" approach to innovation.
Case in point: Ethereum rolled out smart contracts in 2015, yet it took Cardano six full years before smart contracts went live on its blockchain. That's just too much time to wait, and a good reason why some Cardano skeptics still refer to it as a "ghost chain."
As a result, it's much easier to feel comfortable with the upside potential of XRP. The so-called "banker's coin" is now gaining rapidly in institutional adoption, and it has carved out a role in cross-border payments.
CRYPTO: XRP
Key Data Points
Clearly, the better buy right now is XRP. A discount price of $2 could be an attractive entry point for investors looking for a beaten-down crypto capable of explosive upside potential.
