Cardano (ADA) experienced a remarkable price surge of 23.9% on July 13. This substantial rally has captured the attention of investors, who are now eagerly anticipating the potential for additional gains and speculating about Cardano’s ability to surpass the $0.40 threshold.
The surge coincided with a favorable judicial decision regarding XRP, another cryptocurrency, further boosting Cardano’s bullish momentum.
The XRP ruling, which dismissed the SEC’s case against Ripple Labs, alleviated regulatory concerns for many cryptocurrencies, including Cardano.
There are three key factors supporting the upward trajectory of Cardano. Firstly, the project’s ability to integrate with other blockchains opens up new opportunities and expands its reach.
Secondly, the increased activity in decentralized applications (DApps) built on the Cardano platform demonstrates growing adoption and usage.
Lastly, the recent XRP ruling has alleviated regulatory concerns, benefiting ADA and other coins affected by regulatory uncertainties.
Despite the positive developments, regulatory risks persist. While the XRP decision was favorable, the court ruling did not explicitly address Cardano’s initial coin offering (ICO), and its regulatory status will likely be determined by the ongoing XRP trial.
Furthermore, Cardano’s TVL of $200 million lags behind other layer-1 smart contract alternatives, suggesting limited demand for its services. To solidify its position and surpass the $0.40 mark, Cardano must continue to deliver on its promises.