Cardano At $3? Veteran Analyst Reveals Possible Bullish Catalyst For This Spectacular Price Milestone
Dan Gambardello, a veteran market analyst and founder of Crypto Capital Venture, is uber-bullish about Cardano (ADA). As one of the most outspoken advocates of ADA, he has forecasted that the coin could swiftly rocket to the ambitious $3 level.
What Will It Take For ADA To Hit $3 Quickly?
According to Dan Gambardello, Cardano presently has many positive developments within its ecosystem contributing to its latest upsurge.
While he did not name the specific developments, Gambardello suggested that ADA could blast off to $3 if it secures bullish news about potential spot exchange-traded funds (ETFs), as XRP has done in recent times. In other words, he believes Cardanos price could see an XRP-esque ballistic rally if asset managers file paperwork with the U.S. Securities and Exchange Commission (SEC) for ETFs offering traditional investors direct exposure to the ADA cryptocurrency. Such a development would broaden investors access to the cryptocurrency in America.
Notably, XRP has been on a roll ever since Donald Trump defeated Democratic Presidential nominee Kamala Harris on Nov. 6. The crypto is up 402% over the past 30 days while Cardanos ADA has posted a 260% rally during the same timeframe.
XRP Beats ADA In Terms Of ETF Applications
After the successful launch of spot Bitcoin and Ether ETFs on U.S. exchanges, crypto spectators projected that Ripples XRP, Solana, and ADA would likely be the next cryptocurrencies to land on Wall Street.
Although a slew of companies have already submitted filings with the SEC to introduce ETFs tied to XRP and Solana, no ADA application has been made so far. The only interesting thing related to ADA that has landed on the SECs desk is NYSE Arcas request to convert Bitwises $1.4 billion crypto index fund to an exchange-traded product. The Bitwise fund currently holds popular assets, including Bitcoin, Solana, XRP, Cardano, and Avalanche.
Besides Bitwises basket application, XRP currently has four applications exclusively linked to the token from prominent asset managers such as Canary Capital, 21Shares, WisdomTree, and Bitwise.
The XRP applications have increased after SEC Chair Gary Gensler announced that he would resign when President-elect Donald Trump is sworn into office on January 20 a development widely viewed as a positive for XRP, a coin that has been the focus of a prolonged suit under Genslers leadership.
Text source: ZyCrypto
