Analyst Says Cardano (ADA) Would Hit $3 Faster If This Happens

Dan Gambardello, founder of Crypto Capital Venture, has expressed optimism about Cardano’s price trajectory, predicting that the digital asset could rapidly hit $3 if it benefits from exchange-traded fund (ETF) news similar to XRP.

Gambardello shared his views in a recent post on X, highlighting the potential impact of ETF-related developments on ADA’s market value.

Gambardello emphasized that Cardano already benefits from numerous positive developments within its ecosystem, although he did not provide specific examples. According to the analyst, favorable ETF news could catalyze ADA’s price to the next level.

Cardano has a lot going for it right now.

But on top of it all, if Cardano has similar ETF news as $XRP, please take note how fast $ADA hits $3.

— Dan Gambardello (@cryptorecruitr) December 2, 2024

Cardano (ADA) Position in the ETF Landscape

Unlike XRP and Solana (SOL), Cardano (ADA) has yet to gain ETF filings. Recently, the approval of Bitcoin and Ethereum ETFs has sparked discussions about which other assets might follow. Industry experts have identified ADA, XRP, and Solana as potential candidates for ETF adoption.

Despite this optimism, XRP and Solana lead in this aspect. Multiple asset managers, including WisdomTree, Bitwise, Canary Capital, and 21Shares, have submitted applications for ETFs linked exclusively to XRP. In contrast, ADA’s representation in ETF filings is limited to a basket fund managed by Bitwise.

Bitwise’s application involves converting the Bitwise 10 Crypto Fund (BITW) into an exchange-traded product (ETP). This fund includes ten prominent cryptocurrencies, such as XRP and Cardano (ADA) with weightings of 5.7% and 1.6%, respectively. In addition, Grayscale Investments has sought to convert its multi-coin fund, which also features XRP, into an ETF.

While these developments showcase growing institutional interest in cryptocurrencies, Cardano remains underrepresented in ETF-related initiatives compared to XRP.

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XRP’s Market Performance and Institutional Interest

XRP’s recent surge has been fueled by significant institutional backing and multiple ETF filings. In the past 30 days, XRP has experienced a remarkable price increase of over 470%, climbing from $0.4937 to $2.85. This growth is attributed to increasing investor confidence driven by exclusive ETF applications.

Although Cardano experienced a substantial price rally recently, it still lags behind XRP in terms of performance and gains. ADA’s value has risen by over 270% within the same period, moving from $0.32 to $1.32.

In summary, while XRP currently leads in ETF filings and price gains, Cardano holds the potential for significant growth if it garners comparable institutional support. Gambardello’s insights underscore the importance of ETF filings as a potential driver for ADA’s market performance, providing a glimpse into what might lie ahead for the asset.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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