A Bullish Cardano Supporter Believes ADA Could Now Reach $3

A bullish Cardano supporter believes ADA could now reach $3 if it receives positive ETF news similar to what XRP experienced.

Dan Gambardello, founder of Crypto Capital Venture, recently suggested that Cardano’s ADA could experience a swift rise to $3 if it receives exchange-traded fund (ETF) news akin to that of XRP.

In a post on X, he highlighted the numerous positive developments occurring within the Cardano ecosystem, which he believes are driving its current rally.

Although Gambardello did not detail these developments, his remarks imply that the announcement of ETF filings for ADA could lead to a significant price increase, similar to what XRP has experienced recently.

He pointed out that Cardano could see a rapid ascent to the $3 mark if asset managers pursue ETF applications tied specifically to ADA.

Currently, ADA lags behind XRP regarding ETF filings. Following the approvals of Bitcoin and Ethereum ETFs, many experts speculate that assets like ADA, XRP, and Solana could be next in line for similar approval.

While several asset managers have submitted filings to the SEC for ETFs focused on Solana and XRP, Cardano has not seen equivalent filings.

The only notable application related to ADA comes from NYSE Arca, which seeks to convert the Bitwise 10 Crypto Fund (BITW) into an exchange-traded product (ETP).

This fund holds ten prominent crypto assets, including XRP and ADA, with respective weightings of 5.7% and 1.6%.

In contrast, XRP has four distinct filings from major asset managers, including Bitwise, 21Shares, Canary Capital, and WisdomTree, all aimed at securing ETFs for XRP.

Furthermore, Grayscale Investments is also seeking SEC approval to convert its multi-coin fund, which includes XRP, into an ETF.

The surge in institutional interest surrounding XRP has contributed significantly to its impressive price increase.

Over the past 30 days, XRP’s price has skyrocketed by 477%, climbing from approximately $0.4937 to $2.85. In comparison, Cardano has experienced a notable increase of 273.65% during the same period, rising from $0.32 to $1.32.

Although XRP has yet to reach the $3 threshold despite multiple ETF filings, Gambardello believes that Cardano could achieve this milestone rapidly with similar developments in its favor.

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Also Read: Cardano Has Now Achieved The “A” Status

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Frank Nez

Frank Nez is an American journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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