Cardano (ADA) Poised to Hit $3 With ETF News, Claims Cardano Advocate

Crypto advocate Dan Gambardello, the founder of Crypto Capital Venture, has suggested that ADA, Cardano’s native token, could swiftly climb to $3 if exchange-traded fund (ETF) announcements mirror those tied to XRP. Gambardello made this assertion in a recent X post.

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

ETF News Could Propel ADA to New Highs

Gambardello’s statement indicated that numerous positive developments have been observed within the Cardano ecosystem. While specifics were not mentioned, these advancements are believed to support ADA’s current rally.

The advocate further implied that a significant price surge for ADA could occur if ETF filings related to the asset are submitted. Comparisons were drawn to XRP, which has seen substantial price growth following similar filings.

ADA Trails XRP in ETF Filings

Despite speculation that ADA, XRP, and Solana might be next in line for ETF approvals, Cardano has yet to see exclusive filings for such products. Instead, ADA is part of a broader proposal to convert the Bitwise 10 Crypto Fund (BITW) into an exchange-traded product (ETP).

BITW includes the top 10 crypto assets, with ADA representing 1.6% of the fund’s holdings and XRP accounting for 5.7%. In contrast, XRP has garnered four exclusive ETF filings from prominent asset managers, including 21Shares, Canary Capital, WisdomTree, and Bitwise.

Grayscale Investments has also sought SEC approval to convert a multi-asset fund, including XRP, into an ETF. This level of institutional interest in XRP has yet to be matched for ADA.

XRP Outpaces ADA in Price Gains

XRP’s price surged by 477% within 30 days, rising from $0.4937 to $2.85. This rapid increase has been attributed to growing institutional interest and multiple ETF applications.

While experiencing significant growth, ADA has lagged behind XRP. Over the same 30-day period, ADA climbed by 273.65%, moving from $0.32 to $1.32.

Despite XRP not reaching the $3 milestone, Gambardello expressed confidence that Cardano’s ADA could quickly achieve this target if it received comparable ETF-related announcements.

Thoughts on ADA and ETF Potential

The Cardano ecosystem continues to gain momentum, with Gambardello highlighting its untapped potential. While ADA lags behind XRP in institutional attention and ETF filings, its growth trajectory suggests strong investor interest.

If ETF applications linked exclusively to ADA are submitted, the token’s price could surge rapidly. For now, ADA’s progress reflects the broader optimism surrounding the crypto market and its evolving regulatory landscape.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.