Ripple’s native cryptocurrency XRP delivered a massive rally surging nearly 40% over the past week and shooting all the way to $0.60. On the other hand, its close competitor Cardano (ADA) hasn’t been able to stage a similar recovery with crypto traders completely turning a blind eye to it. Market analysts believe that Cardano’s ADA could be all set for a fresh rally ahead.
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
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
Read More: Altcoin News: An XRP-Like Rally Is Brewing Up for Cardano’s ADA
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.