Cardano Ascends: Why ADA Stands To Benefit From The XRP Court Decision Even More Than Ripple

Recent market data reveals a notable upswing in Cardano (ADA), with its value exceeding the 20-day Exponential Moving Average (EMA) of $0.29 as of July 11. This trend indicates an increasing influence of bullish investors, stepping in at lower levels.

As the 20-day EMA remains steady and the Relative Strength Index (RSI) hovers near the midpoint, a balance between supply and demand can be inferred. Analysts are carefully observing whether the bullish trend can drive the ADA price above the 50-day Simple Moving Average (SMA) of $0.31. This progression could potentially initiate a rally towards $0.38, marking a powerful move for ADA bulls.

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However, if the price recoils from the current resistance, it may indicate that bearish tendencies continue to persist. In such a scenario, the ADA/USDT pair could oscillate between the 50-day SMA and the uptrend line. A break below the uptrend line could hand over a short-term advantage to the bears.

Crypto Industry Gains Momentum from Ripple Lawsuit Outcome

A landmark event in the crypto industry that carries considerable significance for Cardano and the entire market is the recent lawsuit ruling between the Securities and Exchange Commission (SEC) and Ripple Labs Inc., a blockchain technology firm. The court ruling clarified that Ripple’s practice of listing XRP on exchanges for trading and using the proceeds to fund operations does not constitute an investment contract, hence XRP cannot be classified as a security.

The ruling is being seen as a victory for not just Ripple, but also the broader cryptocurrency market. Cardano, with its initial coin offering (ICO) in Japan and the absence of venture capitalist involvement, is particularly favorably impacted. The judgment affirms that Cardano’s ADA is almost certainly not a security, making the practice of selling tokens through exchanges perfectly legitimate. This clarity could lead to a resurgence in ADA’s listing on exchanges, thereby positively affecting its liquidity and accessibility.

NFT Market and its Implication on Cardano

The booming Non-Fungible Tokens (NFTs) market is also playing a role in Cardano’s favor. Whiskees NFTs, an NFT initiative operating on the Cardano blockchain, recently reported a noteworthy sale of 7000 ADA. This event signifies the growth of the NFT market and its positive contribution to the market cap of ADA.

Bullish Projections Drive Market Excitement

The recent surge in Cardano price has spurred numerous bullish predictions, adding to the excitement in the crypto community. Some industry watchers have suggested that a $3 ADA mark is a conservative estimate, hinting at a potential stellar performance by the digital asset in the near future.

Despite the promising signs, it’s crucial to remember that Cardano’s price, like all digital assets, is influenced by a multitude of factors and is subject to market fluctuations. Therefore, investors should approach with caution, performing thorough due diligence before diving into digital asset investments.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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Philipp Traugott
Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

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