Cardano Price Prediction As Ripple Ruling Boosts ADA by 23%

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The Cardano price has gone up by 23% following the XRP ruling.

ADA’s current spike shows similarity to the Ripple coin’s increase. Will it go up further?

Cardano Price Moves Up By 23%

Judge Torre’s XRP ruling in favor of the Ripple coin marked it as “not a security” when sold to retail investors. Since Cardano was another asset to be marked by SEC as security, XRP’s surge post-ruling funneled into ADA’s price chart, moving it up by 23%.

That indicates people’s belief that XRP, ADA, ETH, BNB, and other tokens marked by SEC aren’t securities.

If $XRP isn't a security…$ETH isn't a security$BNB isn't a security$ADA isn't a security$SOL isn't a security$MATIC isn't a security$ATOM isn't a security$FIL isn't a security$ICP isn't a security
And so on…

Not a legal opinion, just common sense.

gg GG 🫡

— Chris Burniske (@cburniske) July 13, 2023

At press time, the token is maintaining its position around the $0.34 mark, with 24-hour trading volume at $1.5 billion and a market cap being $12.2 billion.

The XRP price has gone up by 86% after the court’s ruling. The token has filled BNB for the first time in two years. And with a $40 billion market capitalization, it is now the fourth-biggest cryptocurrency exchange.

Other Reasons Behind Cardano Price Pump

XRP ruling can’t be solely attributed to the rise of the Cardano price. We went to Twitter to see find if there were other behind-the-scenes developments going on.

Although not much significant, Cardano has made some progress in expanding its ecosystem, like in this tweet, where Optim and FluidToken’s partnership will leverage Cardano’s technical advancements.

🤝 @FluidTokens has announced partnership with @OptimFi.

🎉 Congrats you guys. Let's make Cardano great again. https://t.co/J6xV2qxJzn

— Cardano Daily (@cardano_daily) July 14, 2023

Cardano Foundation’s official Twitter did not give any insight into ADA’s performance. Seems like the foundation is more concerned with the tech and less with ADA’s price action.

However, Dan Gambaddello has come out on Twitter to comment on the “huge day” for Cardano.

Pivotal day for $XRP, all of crypto, and yes…huge day for #Cardano!$ADA https://t.co/eMJykdjp3a

— Dan Gambardello (@cryptorecruitr) July 13, 2023

Cardano Price Analysis

The Cardano price has pivoted from its consolidation zone around $0.287 mark in the same way as XRP did.

The candlestick chart shows a 29% increase from the day before. That said, a red candle has formed right now, but the token is still holding strong above its $0.34 support (0.236 fibs).

If the support persists, Cardano may move up further to retrace its April 2023 highs when it peaked at $0.46. But that would mean moving up by more than 34% of its current value – which may be possible if ADA maintains its current momentum.

Cardano’s Curent RSI is closer to the oversold zone with 68, indicating a positive sentiment. The MACD histogram indicator, however, is shifting between positive and negative, indicative of minor indecisiveness among buyers – leaning more toward the positive direction.

Cardano Price Prediction – Can It Test its ATH This Year?

Cardano reached its all-time high (ATH) in August 2021, when it peaked at $3.10. The token has taken a rapidly corrective path since.

However, the project’s retracement was less due to crypto winter and more due to broken promises of decentralized applications.

From a technical perspective, the ADA price has to go up by approximately 580% if the all-time high level has to be tested, which may be far off.

Fibonacci Retracement (Weekly Chart)

To move up in such a parabolic way would involve another bull cycle for Bitcoin, which, according to Chengpang Zhao, will happen a year after the upcoming halving.

Alternative to Cardano

Thug Life is a social crypto, a memecoin, that is leveraging its Snoop-Dogg imagery to gain momentum in its presale round. The token has already raised more than $1 million already, and with a hard cap of $2.06 million, the tokens are going out fast.

Part of the reason behind $THUG’s success is constant engagement on social media platforms through memes and competitions.

https://twitter.com/thug_life_token/status/1679540117478727698?s=20

Thanks to the imagery, and the popularity of the underlying meme, Thug Life is billed by many experts as the next 100x memecoin.