The market reacted to the Federal Reserve’s (Fed) 50 basis point interest rate hike as expected. Despite bringing down the hike pace, inflation in the U.S. is still significantly above the regulator’s target. In addition, further monetary policy tightening is needed. This will most likely result in another few months of depression for both the crypto and traditional financial markets.

Cardano (ADA)

Recently, one of the biggest and most popular wallets in the crypto industry, Trust Wallet, announced that it will be enabling ADA staking directly inside the application. Although the news may seem irrelevant during ADA’s devastating performance in the market, it is a contribution towards the altcoin’s fundamental value and may help in the long term.

In the future, staking may create some selling pressure for ADA, but is still a great tool to reduce existing stress on Cardano. This will also provide a potential relief rally that may occur when the market enters into a recovery mode.

Ripple (XRP)

There is no short to medium-term fundamental support for Ripple due to the lack of positivity coming from its ongoing lawsuit against the US Securities and exchange Commission (SEC) and the overall depressive state of the crypto market.

In addition, the network has been experiencing a flurry of massive transactions that caused a bit of a dispute in the community. Some users assumed that foundations managing XRP had been selling off their holdings while the crypto traded at the top.

However, on-chain data showed that those transactions had nothing to do with selling activities and were just inner operations of some centralized crypto exchanges.