Cardano’s (ADA) price has risen by more than 8% in the last 24 hours, reaching R0.51. In terms of market cap, ADA has now surpassed XRP, with a value of R295 billion vs R293 billion for XRP.
Nonetheless, ADA fell by 83 % from its all-time high in September. The forthcoming release of hard fox appears to be the catalyst for the current price increase.
It was meant to be released in June, however, it was delayed due to technical difficulties. The Input-Output team will soon announce the deployment date of the hard fork.
In February, XRP was removed from CoinMarketCap’s top 5 list for the first time, owing primarily to SEC disputes and lawsuits in the United States. Ripple has decided to take a position on Cardano. The ADA price peaked last year, enabling smart contracts on the blockchain. The price of ADA is now fluctuating between two crucial levels. The bulls are also attempting to revert to the R10.73-R11.24 level. Bearish ADA traders, on the other hand, are looking to pivot and send ADA’s price down to the R6.62-R7.21 zone.
ADA still has a lot of catching up to do in order to stay ahead of BNB, which has a market worth of R704 billion. Cardano’s price fell to R0,084 on Sunday. It closed in the red for the second time in the last three days. The ADA has increased by 25% in the last seven days.
Last week, the price of ADA increased by 25%, prompting large liquidations. While the price reversal pushed the price down, the bears were the ones who took the hits while trading the currency. ADA finished the week on a high note, increasing by 25%. ADA pricing also managed to hold steady at R8.38.
Cardano surpassed its competitors and is now the sixth most valuable cryptocurrency in terms of market capitalization on CoinMarketCap. Its current market capitalization of R296 billion places it ahead of SOL, DOGE, XRP, and BUSD.
So, will Cardano keep running in the green light? It all depends on the state of the cryptocurrency market. ADA traders are highly enthusiastic and invested in ADA, but along with upgrading the Vasil network, the Cardano community is also coping with the crypto winter and economic downturn.