Cardano’s ADA is gearing up for an XRP-like rally

Ripple’s XRP surged nearly 40% last week, hitting $0.60, marking a significant rally. Meanwhile, its close competitor Cardano (ADA) hasn’t seen a comparable recovery, largely overlooked by cryptocurrency traders. Analysts are now speculating that Cardano’s ADA could be poised for a potential rally in the near future.

Like XRP, Cardano’s ADA Gears Up for a Rally

On-chain data provider Santiment reported that trader sentiment closely mirrors recent price movements in the cryptocurrency market. Over the past week, XRP has seen a significant surge, expressing bullish sentiment among investors.

In the last 24 hours, the XRP Price gained 11%, rising above $0.60 at press time. Daily trading volumes also increased 41.4% to $3.2 billion, amid strong XRP Whale Activity.

Conversely, Cardano is experiencing its highest levels of bearish sentiment in over a year. Santiment suggests that trading against the prevailing market sentiment could present profitable opportunities for traders.

Courtesy: Holiness

At the time of going to press, Cardano ADA Price is trading up 1.32% at $0.4476 with its market cap surpassing $16 billion. Over the past week, ADA price has increased by 17% and the chart setup suggests that Cardano has already bottomed out and we may be headed for a major rally ahead.

Read also: Ripple XRP Case Update: Ex-SEC in Secret Meeting; XRP Breakout Imminent

All eyes on Chang Hardfork

Cardano is gearing up for a major upgrade with the Chang’s Hard Fork scheduled for late July. Chang’s hard fork aims to gradually introduce governance functionality, thus making it easier for newcomers and those taking on new governance roles to adopt and integrate.

Recently, the Cardano Network Updated to version v6.5.0, compatible with the Cardano 9.0.0 node, thus making the blockchain ready for the Chang hardform.

Read also: Cardano (ADA) Price Surges 17%; What Investors Should Know

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