Cardano (ADA) is on a rampage today as it follows the broader digital currency market in a substantial recovery. The combined crypto market cap has jumped by 5.79%, reaching $1.25 trillion. Riding the wave, Cardano has surged to a price of $0.348, marking an impressive gain of 21.11% over the past 24 hours.
XRP’s Rally Trigger Changes Cardano’s Game
Evidently, the recent surge in Cardano’s price can be attributed to a favorable ruling by Judge Analisa Torres. The judge determined that XRP, which is algorithmically issued and traded on secondary markets, does not meet the criteria of an investment contract. This ruling is seen as a significant victory for the Cardano ecosystem, particularly considering Cardano’s classification as a security by the United States Securities and Exchange Commission (SEC) in its lawsuits against Coinbase and Binance.
Cardano Breaks Free: Multi-Month High
However, before the recent ruling, Cardano had been trading within a relatively narrow range, with prices fluctuating between a low of $0.2553 and a high of $0.3027 over the past month. However, the recent price surge has propelled Cardano to reach a multi-month high, indicating the potential short-term benefits resulting from the ruling.
The Implications of Cardano’s Security Designation
Alike XRP, the classification of Cardano as a security has been a point of contention. While Cardano was not directly sued by the SEC, the inclusion of ADA alongside other digital currencies such as BNB, Solana (SOL), Decentraland (MANA), and Polygon (MATIC) as securities have had a significant impact. This designation has led to Cardano being delisted from major trading platforms like Bakkt, eToro, and Robinhood.
What’s Next for Cardano?
The burning question on everyone’s minds is where Cardano goes from here. The resolution of its security classification will be a defining moment, a turning point that could shape Cardano’s destiny. If the designation remains unchanged, investors may hesitate, mirroring the caution witnessed with XRP following the SEC’s lawsuit against Ripple Labs. The journey ahead for Cardano hinges on clarity and confidence—a future awaiting its ultimate revelation.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/altcoin/cardano-catches-the-wave-of-market-excitement-following-xrps-sec-triumph/
