Main navigation

Cardano (ADA) up 23%, Here's Why Bulls Are Elated

Advertisement
Fri, 14/07/2023 - 11:00
Cardano (ADA) up 23%, Here's Why Bulls Are Elated
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Cardano (ADA) is on a rampage today as it is trailing the broader digital currency ecosystem that has printed a massive recovery atop the 5.79% jump in the combined crypto market cap pegging it at $1.25 trillion. Joining the trend, Cardano is changing hands at a price of $0.348, up by 21.11% over the past 24 hours.

Article image
ADA Price Chart. Source: CoinMarketCap

The resurgence in the price of Cardano stems from the favorable ruling from Judge Analisa Torres, who determined that XRP coin issued algorithmically and trading on secondary markets does not constitute an investment contract. The news has been tagged as a major win for the Cardano ecosystem, seeing as it was labeled a security by the United States Securities and Exchange Commission (SEC) when it sued Coinbase and Binance.

Prior to the summary judgment released yesterday, Cardano has been maintaining a very close trading range, with the price hovering between a low of $0.2553 and a high of $0.3027 over the past month.

Related

Advertisement

The new growth recorded has pushed the coin to a multi-month high, a trend that underscores the possibility of Cardano benefiting from the ruling in the near term.

Is Cardano a security?

When the SEC sued Coinbase and Binance and named ADA alongside other digital currencies, including BNB, Solana (SOL), Decentraland (MANA) and Polygon (MATIC) as securities, the Cardano Foundation promptly opposed the motion.

While the market regulator did not sue Cardano directly, the negative classification has had a significant impact on the network's native token, which has now been delisted on top trading platforms, including Bakkt, eToro and Robinhood.

Related

If the designation of Cardano as a security does not change in the near future, investors may find it hard to back the token, just as was done to XRP for the more than two years since the SEC had filed its lawsuit against Ripple Labs.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD