Cardano, XRP Surge 2.8%, 4.3% as U.S. Sentiment Shifts
1min read Cardano (ADA) and XRP have experienced a notable surge in their prices, following a mild recovery in the Bitcoin (BTC) price over the past 24 hours. This upward trend in the altcoin industry has been driven by a shift in sentiment from the United States, which has overshadowed the initial crypto FUD (fear, uncertainty, and doubt) that had been prevalent in the past few weeks. The positive outlook from the U.S. has contributed to a bullish sentiment similar to that seen in the gold market, as major stock indexes recorded mild rebounds.
The U.S. Securities and Exchange Commission (SEC) has acknowledged the significant role that XRP and Cardano play in the country’s digital economy. The SEC highlighted that XRP is crucial for state-level financial transactions, optimizing government payments, and enabling interbank liquidity. On the other hand, Cardano is recognized for its suitability in academic credentialing, smart contracts for government services, and secure infrastructure management. This regulatory clarity has provided a favorable environment for these cryptocurrencies to thrive.
Institutional investors have also shown a growing interest in Cardano and XRP. Following the positive acknowledgment from the U.S., coinbase global announced that it has filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer Cardano futures, with the product expected to go live on March 31, 2025. This move indicates a strategic adoption of ADA by institutional investors ahead of the anticipated altseason. Similarly, XRP has garnered attention from several fund managers seeking to offer its spot ETF, including Grayscale, Bitwise, and 21Shares.
From a technical analysis perspective, ADA's price has been forming a potential cup and handle formation in the weekly time frame, signaling a major bullish uproar ahead. The large-cap altcoin, with a fully diluted valuation of about $33 billion, surged 2.8 percent in the last 24 hours to trade around $0.739. In the lower time frame, ADA's price has been consolidating in a symmetrical triangular pattern, indicating a potential breakout.
XRP, with a fully diluted valuation of about $240 billion, surged 4.3 percent in the past 24 hours to trade around $2.41. The favorable fundamentals of Ripple Labs and the XRPL network suggest a major bull rally for XRP in the near future. Crypto analyst Ali Martinez has predicted that XRP's price is well-positioned to reach $15 in the coming months, supported by significant bullish sentiment gathered over the past six years of triangular consolidation.
