XRP Soars While Cardano (ADA) Remains Relatively Quiet
Ripple’s XRP has been on a tear lately, surging nearly 40% over the past week and hitting a price of $0.60. Meanwhile, Cardano (ADA), a close competitor, has not seen similar gains. While some analysts believe that Cardano could be ready for a rally, current sentiment suggests otherwise.
Cardano’s Bearish Sentiment
On-chain data provider Santiment reported that trader sentiment for Cardano is at its most bearish in over a year. This could be a sign that Cardano is in for a period of consolidation or even a decline before any potential rally.
The recent price action for XRP, on the other hand, reflects a strong bullish sentiment. It has experienced a 11% increase in the past 24 hours, reaching $0.60. The daily trading volume has also soared to $3.2 billion, indicating a significant amount of activity.
Chang Hard Fork and Potential for Growth
Cardano is scheduled for a major upgrade with the Chang hard fork, which is expected to be implemented by the end of July. This hard fork will introduce governance functionality, making it easier for new participants to join the network. The recent upgrade to version 6.5.0 makes the Cardano blockchain ready for the Chang hard fork. Cardano’s upgrade could be a catalyst for growth in the future.
While XRP has seen a major surge, and Cardano is currently experiencing bearish sentiment, it’s worth noting that both projects are still in the early stages of development. It is difficult to predict the long-term performance of cryptocurrencies. Investors should do their own research and consult with financial advisors before making any investment decisions.
You can learn more about XRP at Ripple’s website and Cardano at Cardano’s website.
