Following Ripple’s (XRP) court victory yesterday, there is currently a general bullish wave sweeping across the crypto market. According to data from CoinMarketCapCardano (ADA) is up 28.43% in the past 24 hours, while several other altcoins also posted double-digit gains.
Cardano (ADA) Price action and analysis
Prior to yesterday’s price hike, ADA had shown little to no movement all week and was hovering around the $0.29 price. However, the token’s price spiked yesterday afternoon, reaching a high of $0.37 for the first time since early June.
Related reading: XRP price retreats after massive 80% rally, buy the dips?
Looking at its broader performance, Cardano has had some mixed pricing action since the start of 2023. The altcoin started the year in style, gaining more than 70% to trade at $0.41 as of Feb. 16.
However, this price increase was followed by a bearish trend that saw the price of the token drop as low as $0.30 on March 10. After that, ADA would resume its bullish trajectory and rise on April 16 to its highest price yet in 2023 at $0.45.
Over the course of the next two months, Cardano’s price fell again before moving sideways for the past three weeks.
Analyzing the 4-hour chart, ADA encountered resistance in the $0.38 price zone and appears to be undergoing a re-correction. However, an increase in selling pressure could lead to token trading as low as $0.28, marking the upcoming support level.
On the other hand, if the bulls regain control and manage to get past the $0.38 resistance price level, ADA is likely to rise to $0.42, representing the next major resistance level.
At the time of writing, ADA is trading at $0.35 with a loss of 2.30% in the last hour. The token’s trading volume is up by a whopping 808.08% and is valued at $1.4 billion. With a market cap of $12.3 billion, Cardano is ranked as the 7th largest cryptocurrency in the world.
ADA Trading At $0.35 On The 4-Hour Chart| Source: ADAUSD Chart On Tradingview.com
Ripple’s victory sparks an Altcoin rally
Yesterday afternoon, US Judge Analisa Torres ruled that XRP is not a security in the ongoing Ripple vs. SEC case. With the emergence of this news, the crypto market experienced a price surge, with altcoins in particular posting significant gains.
In addition to Cardano (ADA), coins such as Solana (SOL), Avalanche (AVAX) and Polygon (MATIC) are also on the rise, with gains of 31.98%, 14.50% and 17.76% respectively in the last 24 hours.
Related reading: Optimism (OP) rides the wave of the current crypto spike with 15% rally
That said, the main cryptocurrency has not been left out of the current market surge. Bitcoin is up 2.81% over the past day to trade above $31,000 again. At the time of writing, the total crypto market cap is estimated at $1.26 trillion, up 6.39% in one day.
Featured image from Forbes, chart from Tradingview.