- Ripple’s victory over the SEC has sparked a renewed wave of optimism in the market.
- Cardano registered a massive gain, completely recovering from the SEC’s attack.
- Cardano Bulls now have a critical mission, which could shape the ADA’s trajectory for the rest of the year.
XRP’s landmark victory against the SEC has sent ripples through the crypto world, potentially signaling the start of alt season, as altcoins, including Cardano, Solana, and Ethereum, registered double-digit gains across the board.
With Cardano finally surging past its massive resistance, the token is eyeing new targets, possibly the coveted $1 price.
Cardano Breaks Through
After weeks of consolidation and struggling with regulatory turbulence, the Bulls have given Cardano the much-needed push, propelling it past the massive sell wall at $0.3 to $0.36, registering a staggering 22% gain and marking a full recovery from the SEC’s attack.
The overnight surge led to traders losing over $5 million in short positions across crypto-tracked futures, according to CoinGlass data. The catalyst for this rally was a recent ruling by US District Judge Analisa Tores, who declared that Ripple (XRP) did not violate federal securities laws by selling XRP on crypto exchanges.
This ruling has instilled hope into Cardano, Solana, Polygon, and other altcoins implicated in the SEC’s recent crypto crackdown. Investors now perceive a potential escape from the regulator’s security classification, leading to a surge in confidence.
This optimism was further underscored by Cardano’s daily trading volume skyrocketing to $1.5 billion, marking a staggering 906% increase. At press time, Investor sentiment for ADA remains highly bullish, as indicated by exchange, derivatives, and on-chain data from IntotheBlock.
At press time, Cardano sits at $0.35 and has its sights on the next price range above $0.4. With Cardano approaching this year’s high and a barrage of anticipated developments on the horizon, ADA could reach $0.6 before the year ends; however, it all depends on how the Bulls perform.
What’s Next For Cardano?
Cardano is rapidly approaching its final development stage, Voltaire, which depends on the outcome of the CIP-1694 vote. This update is poised to evolve Cardano’s governance infrastructure and oversee the transfer of ownership from Cardano’s Founding entities to the community, ultimately achieving true decentralization.
If the vote goes as planned, Cardano could revisit its all-time high of $3.1. However, this scenario is contingent on ADA’s performance for the rest of the year. With the Bulls overpowering the Bears, maintaining a stronghold over the $0.32 support level is paramount.
Should the Bulls falter and lose this support, the Bears could regain control and pressure the price downwards towards the next range at $0.25, hindering Cardano’s recovery and dampening its ambitions of reaching the coveted $1 until the next bull run.
On the Flipside
- The XRP-led altcoin rally sparked a wave of liquidations throughout the market, amounting to over $314 million, three times as much as when the SEC sued Binance and Coinbase.
- While this ruling may provide temporary relief for Ripple and other altcoins, the outcome of the case remains uncertain, and the company still faces substantial legal challenges ahead.
Why This Matters
Ripple’s (XRP) victory over the SEC is the crypto industry’s biggest win, offering respite to other tokens, including Cardano, facing similar regulatory pressure. This rally could give Cardano the necessary momentum to reclaim the highly-anticipated $1.
More on XRP:
What XRP’s Big SEC Win Means for the Future of Crypto Tokens
More on Cardano:
Source link: https://dailycoin.com/cardano-ada-explodes-through-resistance-in-xrp-fueled-rally/
