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Cardano‘s ADA, the cryptocurrency powering the high-performance smart contract-enabled Layer-1 blockchain protocol, has surpassed the key resistance level of $0.34 and surged nearly 20% on Thursday.
The Ripple Effect!
The rally in altcoins comes amidst a widespread surge in the crypto markets following a US judge’s decision that XRP is not a security. Judge Torres stated that “XRP, as a digital token, is not a contract, transaction, or plan that includes the investment contract requirements of Howey.”
Since 2020, the SEC has taken a strict approach to the cryptocurrency sector, claiming that most tokens and activities are classified as securities offerings and fall under regulatory jurisdiction. Cardano has been directly impacted by the SEC’s labeling of the cryptocurrency as a security in lawsuits against Coinbase and Binance, putting significant pressure on crypto prices.
With the XRP decision weakening the SEC’s argument against ADA, Cardano has become one of the best-performing cryptocurrencies, alongside Solana (SOL) and Polygon (MATIC), which have also been labeled as securities by the SEC.
ADA Price Prediction!
ADA’s Thursday surge signifies a remarkable 44% recovery from the June lows around $0.22. The latest price increase helped ADA break above a short-term flag structure, often followed by significant buying interest and a move above the 50-day moving average.
According to experts, ADA’s next target could be a retest of the 100-day and 200-day moving averages and the May lows around $0.35. A breakout here would open the door for a rise towards the year’s high at $0.46.
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