Cardano (ADA), the cryptocurrency that powers Cardano’s high-performance smart contract-enabled layer 1 blockchain protocol, has just breached the key $0.31 resistance level and is close to 10% on Thursday.
The rally comes amid a wide lead in crypto markets after a US judge ruled that XRP is not a security.
“XRP, as a digital token, is not itself a ‘contract, transaction or scheme’ incorporating Howey’s requirements of an investment contract,” Judge Torres concluded.
The SEC sued Ripple, the creator of XRP, in 2020 over the allegation that it had been selling XRP as an unregistered security.
Since 2020, the SEC has taken a heavy-handed approach in the cryptocurrency sector, claiming that most tokens and activities are classified as security offerings and fall under its regulatory jurisdiction.
This has heavily influenced cryptocurrency prices in general, although Cardano itself took a beating a month ago when the SEC directly targeted the cryptocurrency by labeling it as a security in its lawsuits against Coinbase and Binance.
The SEC’s argument against ADA is now substantially weakened by the XRP verdict, making Cardano one of the best-performing cryptocurrencies of the day alongside other cryptocurrencies also labeled as securities by the SEC, such as Solana (SOL). and Polygon (MATIC).
ADA’s Thursday pump means it has now rallied a staggering 44% from its June lows around $0.22.
Price Prediction: Here’s Where Cardano (ADA) Is Headed Next
Things are looking very rosy for Cardano right now.
The latest pump has seen ADA break above a short-term pennant structure, which is often followed by significant trailing buying, and break above its 50-day moving average.
It also confirms the 21DMA level as strong support.
The next stop for ADA is likely to be a retest of its 100 and 200 DMA and May lows in the $0.35 area.
A break above here would open the door for a rally towards the yearly highs of $0.46.
Cardano (ADA) Alternative to Consider – yPredict (YPRED)
Investors should always be vigilant in diversifying their cryptocurrency holdings.
One high-risk, high-reward investment strategy that some investors might want to consider is to get involved in cryptocurrency pre-sale.
This is where investors buy the tokens of emerging crypto projects to help finance their development.
These tokens almost always sell very cheap and there is a long history of pre-sales bringing huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto app/platform.
If an investor can identify such projects, the risk/reward ratio of his presale investment is very good.
The Cryptonews team spends a lot of time looking at pre-sale projects to help investors.
One such project that they believe has a lot of potential is an artificial intelligence (AI) driven web3 startup called yPredict.
Pioneering AI-powered Crypto Price Predictions from yPredict
The platform is best known for its first institutional grade financial price prediction system.
Observers believe that the tool, which is based on yPredict’s internal deep data analysis, will help cryptocurrency investors discover the next cryptocurrency bomber with ease.
The best part is that yPredict’s crypto price prediction system will remain free and open for all users to access – price predictions will be publicly available and you don’t need to log in to view them. the white paper of the project Explain.
But yPredict offers investors much more than just cryptocurrency price predictions.
The project is “building a cutting-edge crypto research and trading platform that gives traders and investors access to dozens of signals, breakouts, pattern recognition, and AI-powered news/social sentiment features,” the startup says. in yPredict Litepaper.
In fact, potential investors should also be on the lookout for the highly anticipated release of Alt_Pump_001, an AI model designed to predict the next pump in altcoins.
The platform is also building a number of other AI-powered tools, including an innovative content management system.
As AI continues to make waves in the crypto industry and beyond, projects like yPredict are expected to attract significant interest.
That’s why many industry watchers are pointing to AI cryptocurrencies like yPredict’s native $YPRED token, currently available via pre-sale, to be among the next best-performing coins.
The $YPRED presale has been flying through the stages.
from 7he As of July, the project has raised more than $2.9 million.
Investors need to move quickly to anticipate the next price hike when the presale hits $2.98 million.
Visit yPredict Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
