Cardano Price Turns Bullish, But Is There Substance to the ADA Rally?
Cardano's DeFi footprint and network activity show surge in users, but will that be enough to sustain ADA's recent bullish price action?
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Cardano experienced a remarkable price surge of 23.9% on July 13, leaving investors curious about the potential for further gains. This significant rally comes on the heels of a favorable XRP (XRP) court ruling, leading many to wonder if Cardano (ADA) has what it takes to break above the $0.40 mark.
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1-Day Cardano USD Price on Coinbase. Source: TradingViewThere are three reasons to support Cardano's bullish momentum, including its potential to integrate other blockchains, increased activity in decentralized applications (DApps) and decreasing regulatory risk, although the latest XRP event requires a more cautious approach.
SEC actions specifically named ADA as a potential securityCardano and its ADA token found themselves in the spotlight when the U.S. Securities and Exchange Commission (SEC) branded it a potential security in recent lawsuits against Coinbase and Binance exchanges. However, it is important to distinguish that while the staking offer may be considered a security, it does not pose a direct risk to Cardano or its developer companies.
Following the SEC remarks in June, ADA underwent a 36% correction, falling to $0.24. However, the July 13 XRP decision helped mitigate regulatory risks, leading to an increase in the rally for ADA and other coins impacted by regulator comments.
The idea of implementing sidechains has generated additional interestAfter a recent video shared by John Woods, Chief Technology Officer at the Algorand Foundation, Charles Hoskinson, founder of Cardano, offered to incorporate Algorand (
Cardano's DeFi footprint and network activity show surge in users, but will that be enough to sustain ADA's recent bullish price action?
Altcoin Watch
Join us on social networks
Cardano experienced a remarkable price surge of 23.9% on July 13, leaving investors curious about the potential for further gains. This significant rally comes on the heels of a favorable XRP (XRP) court ruling, leading many to wonder if Cardano (ADA) has what it takes to break above the $0.40 mark.
>1-Day Cardano USD Price on Coinbase. Source: TradingViewThere are three reasons to support Cardano's bullish momentum, including its potential to integrate other blockchains, increased activity in decentralized applications (DApps) and decreasing regulatory risk, although the latest XRP event requires a more cautious approach.
SEC actions specifically named ADA as a potential securityCardano and its ADA token found themselves in the spotlight when the U.S. Securities and Exchange Commission (SEC) branded it a potential security in recent lawsuits against Coinbase and Binance exchanges. However, it is important to distinguish that while the staking offer may be considered a security, it does not pose a direct risk to Cardano or its developer companies.
Following the SEC remarks in June, ADA underwent a 36% correction, falling to $0.24. However, the July 13 XRP decision helped mitigate regulatory risks, leading to an increase in the rally for ADA and other coins impacted by regulator comments.
The idea of implementing sidechains has generated additional interestAfter a recent video shared by John Woods, Chief Technology Officer at the Algorand Foundation, Charles Hoskinson, founder of Cardano, offered to incorporate Algorand (
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