XRP, ADA May Profit From This New Market Trend: Details
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Top cryptocurrencies XRP and ADA may gain from a new market trend: traders are growing positively, and whale interest appears to be reviving.
This tendency was recently seen in the Avalanche scenario, with AVAX prices increasing by more than 8% due to increased network activity caused by Friend Tech lookalike Stars Arena.
Tomiwabold OlajideSantiment says to keep an eye on this bullish trend, which reflects traders' and whales' interest and how it might benefit XRP and ADA as well.
XRP basks in victory in SEC lawsuit
XRP swiftly became a top trending asset this week after talks centering on the SEC's loss in appealing the Ripple case ruling soared.
Judge Torres denied the SEC's Motion to File an Interlocutory Appeal on Oct. 3, noting that the regulator had failed to fulfill its burden of demonstrating that the interlocutory appeal would "materially advance the ultimate termination of the litigation."
The court said that any "interlocutory appeal would instead likely prolong the action as it would be subject to multiple bites at the apple for appellate review" and, thus, denied the motion.
The price of XRP increased by up to 8% to $0.548 subsequently before falling back to where it now trades. At the time of writing, XRP had fallen 0.39% in the last 24 hours to $0.522.
Cardano launches Midnight devnet
Discussions around Cardano also soared following progress on innovations this week. Midnight, Input Output Global's new data protection blockchain, was launched in a sandbox devnet for an initial group of pioneer developers.
Midnight is a data-protection blockchain that makes it easier to build secure, compliant smart contracts and decentralized applications (dApps) on the blockchain. Midnight is still in development, and several features are being investigated.
ADA was up 2.19% in the last 24 hours to $0.264 at the time of writing. According to Santiment, Cardano saw heavy profit-taking following an impressive price rise on the first day of October, with "opportunists moving coins during the short profit window."
According to Santiment, this scenario might trigger a potential decoupling of the eighth-largest crypto asset from the rest of the market. This seems to be the case, as Cardano is outperforming the top 10 in terms of daily gains.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin