- ADA’s price development could depend on the outcome of the SEC’s case against Ripple, says Dan Gambardello.
- Cardano is behaving in a similar way to Ripple during the early days of its SEC lawsuit.
- Should the current bottom at $0.22 fail to hold, ADA could fall to $0.17.
According to Dan Gambardello, founder of Crypto Capital Ventures, Cadarno’s (ADA) price development could depend on the outcome of the Securities and Exchange Commission’s (SEC) case against Ripple. Gambardello explained his position by comparing ADA’s behavior since the allegation with how XRP responded under similar circumstances.
In a video uploaded on YouTube, Gambardello observed that the outcome of the SEC vs. Ripple court case would set the pace for other similar cases, starting with the Cardano case. He also indicated that it would significantly impact the overall cryptocurrency market and set the course for cryptocurrency development in the US.
Gambardello referenced some of his earlier statements after the Ripple case began, holding them valid even until now. One such statement is his submission that a Ripple settlement would potentially define the bottom of the bear market. He projected that if the case favors Ripple, XRP’s price could embark on a bull run, and other pending cases would be hopeful of a favorable outcome, including that of Cardano.
He further noted that if Ripple loses the case, it will be a blow for crypto and will debilitate the ability of the US to lead the world in crypto innovation.
After the SEC filed a lawsuit against ADA, the crypto token’s price dropped by 39% in less than one week. The price formed a local bottom at $0.22 before a 25% retracement that it is struggling to sustain. Gambardello used XRP’s historical price chart to show that ADA’s reaction to the lawsuit is consistent with XRP’s behavior in the past.
According to Gambardello, if ADA’s price continues to mimic XRP’s post-lawsuit behavior, it could fall lower below the initial low of $0.22. If that happens, we could see the ADA dropping as low as $0.17. He thinks that could present a significant buying opportunity for ADA users but a risky one.
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