Altcoin News: Cardano’s ADA Prepares For XRP-Like Rally

Ripple’s XRP has experienced a remarkable 40% surge over the past week, reaching $0.60, signaling a substantial rally. In contrast, Cardano (ADA), a close competitor, has not mirrored this recovery and has received limited attention from crypto traders. Analysts are now suggesting that Cardano’s ADA could be on the brink of a forthcoming rally.

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

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.