Cardano (ADA) Price Surges as Traders See Potential in Ripple’s Legal Win
- The price of Cardano (ADA) has risen substantially in the past 24 hours as traders analyze the impact of Ripple’s recent legal victory on the broader cryptocurrency market.
- A federal judge ruled that XRP sales on public crypto exchanges comply with U.S. securities laws, providing hope for cryptocurrencies that have been accused of being securities by the SEC.
- ADA fell by 45% in June after being deemed a security by the SEC, but it has now recovered almost all of those losses.
- Whales may have been selling or redistributing their ADA holdings during the price rally, as the number of daily transactions exceeding $100,000 has increased.
- From a technical perspective, ADA price risks entering a consolidation or correction period as it is currently overbought and faces resistance near $0.35.
- However, ADA price could potentially form a double bottom pattern on the weekly chart, with a potential price target of $0.45 by the end of 2023.
The recent legal win for Ripple has given hope to cryptocurrencies facing regulatory threats, including Cardano. As traders assess the impact of this victory, the price of ADA has surged, erasing previous losses. However, it remains to be seen whether this rally is sustainable, as technical indicators suggest a possible consolidation or correction period. Nevertheless, if ADA can form a double bottom pattern, the bulls may have a strong case for a significant price increase in the future. Only time will tell if Cardano can capitalize on this positive momentum and continue its upward trajectory.