An XRP-Like Rally Is Brewing Up for Cardano’s ADA

Ripple’s XRP has surged nearly 40% in the past week, reaching $0.60, marking a significant rally. Meanwhile, Cardano (ADA), its close competitor, has not seen a comparable recovery, largely overlooked by crypto traders. Analysts now speculate that Cardano’s ADA may be poised for a potential rally in the near future.

Like XRP, Cardano’s ADA Gears Up for A Rally

On-chain data provider Santiment reported that the trader sentiment is closely mirroring recent price movements in the crypto market. During the past week, XRP has seen a notable surge speaking bullish sentiment among investors.

In the last 24 hours, the XRP price has gained 11% surging past $0.60 as of press time. The daily trading volumes have also shot up by 41.4% all the way to $3.2 billion, amid strong XRP whale activity.

Conversely, Cardano is experiencing its highest levels of bearish sentiment in over a year. Santiment suggests that contrary trading against prevailing market sentiment could present profitable opportunities for traders.

As of press time, Cardano’s ADA price is trading 1.32% up at $0.4476 with its market cap crossing $16 billion. Over the last week, the ADA price has surged 17% and the chart setup suggests that the bottom is already in for Cardano and we could be heading for a major rally ahead.

This is a macro view of my $ada chart, and its been playing out exactly as we’ve been tracking/anticipating – we broke up and above the green trend line shown below, currently consolidating

Ascending Accumulation = God Candle

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Time is running out, stake your stack 🤝🏾 pic.twitter.com/ar9FuINa7a

— jupiter ⭕ (@stockjupiterr) July 17, 2024

Also Read: Ripple XRP Case Update: Ex-SEC On Secret Meeting; XRP Upcoming Breakout

All Eyes on Chang Hardfork

Cardano is gearing up for a major upgrade with the Chang hard fork set to occur by the end of July. The Chang hard fork aims to introduce governance functionality gradually, thereby making it easier for newcomers and those taking on new governance roles to adopt and onboard.

Recently, the Cardano network upgraded to v6.5.0 which is compatible with Cardano node 9.0.0, thereby making the blockchain ready for the Chang hardform.

Also Read: Cardano (ADA) Price is Rising 17%; What Investors should know

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.