TL;DR

• Cardano (ADA) made a strong comeback, soaring to a 14-week high after a double-digit daily surge.
• The generally bullish market, among other reasons, has potentially fueled the asset’s rise.

Returning to the Top 10 Club

Cardano (ADA) experienced a notable resurgence in the past 24 hours, with its price jumping by approximately 20% at one point. It briefly exceeded $0.44, the highest level observed since July.

Currently, ADA trades at around $0.43, while its market capitalization is well above $15 billion. This means that the asset flipped Tron (TRX) to become the 10th-biggest in the entire crypto sector.

One potential factor fueling ADA’s impressive rally could be the market’s overall bullish environment. Most leading cryptocurrencies have been making gains since Donald Trump’s victory in the US presidential elections. Bitcoin (BTC), for instance, tapped a new all-time high of over $76,800.

Another element possibly contributing to the sector’s revival is the Federal Reserve’s decision to cut interest rates by 0.25%. Such a move makes money-borrowing cheaper and could increase the interest in risk-on assets like cryptocurrencies.

ADA’s double-digit price increase coincides with several on-chain indicators that flash bullish signals. The “In the Money” metric, which measures the change in the number of Cardano investors currently sitting on paper profits, is up by 13%. As of the moment, 36% of the token’s holders are in the green, while 58% remain underwater. 

In August this year, the percentage of profitable ADA investors dropped to almost 0%. Back then, the the asset’s valuation plunged below $0.30.

Last but not least, we will focus on the large transaction volume (where each on-chain ADA transaction exceeds $100,000). The figure reached $8.5 billion on November 8, representing a 13% spike in 24 hours. 

Is FOMO Coming Soon?

The market intelligence platform Santiment noted ADA’s pump, suggesting that “some retail FOMO” might follow next.

“This has been a long time coming for the patient ADA community,” the entity added.

Fear of Missing Out is a psychological phenomenon where people feel anxious to take action because they worry about missing an opportunity that others are currently experiencing.

As more investors rush to hop on the bandwagon, the asset’s value can explode. Each jump makes more people worry about missing potential gains, fueling additional demand.

With FOMO-driven buying, though, prices can fluctuate wildly. The volatility is often heightened as some early investors start to take profits, causing mini-sell-offs. This can turn into a cycle of panic selling, triggering substantial dips. 

[PRESS RELEASE – Nicosia, Cyprus, November 7th, 2024]

Elizzarda announced the addition of the Solana (SOL) cryptocurrency to the list of available payment options. Players can now use Solana to access a variety of games on Elizzarda. Special promotions related to the use of Solana will also be launched soon, bringing additional benefits to players.

Advantages of Solana for Elizzarda Players

Solana is one of the fastest and most accessible cryptocurrency networks, ideal for frequent and responsive transactions. With the introduction of Solana support, Elizzarda players will benefit from:

• Speed of transactions: Solana allows deposits and withdrawals to be processed instantly, giving players quick access to their money.

• Low fees: Solana is known for having some of the lowest transaction fees in the cryptocurrency world, which benefits players who can keep a large portion of their potential winnings.

• Security: Solana’s built-in blockchain technology ensures a high level of privacy and transaction transparency.

Elizzarda is always focused on the convenience and security of its users, and the integration of Solana reinforces these principles by providing even more reliable and affordable payment solutions.

Comment from Elizzarda’s CEO

CEO Jacob Granholm commented on the importance of Solana’s support to the development of the platform: “Solana was added to Elizzarda because its speed and low fees perfectly match our players’ expectations. This is another step towards improving the gaming experience and providing our users with the most modern and flexible financial solutions”.

By supporting Solana alongside Bitcoin, Ethereum, and other cryptocurrencies, Elizzarda affirms its position and commitment to innovation in online gambling.

About Elizzarda

Elizzarda is a major online platform that prioritizes security, innovation, and user experience. Since its inception, Elizzarda has focused on offering a wide selection of games and slots from leading providers. The platform now supports transactions in several popular cryptocurrencies such as Bitcoin, Ethereum, USDT, and Solana, offering players flexibility in payment methods and a comfortable gaming environment.

TL;DR

• Lawyers suggest that the lawsuit might be resolved with a potential $125 million settlement if the SEC leadership changes.
• One of them believes that a complete dismissal of the case is “unrealistic.”

A Possible Resolution Next Year?

The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) dates back to 2020, when the watchdog accused the company and some of its executives of illegally raising more than $1.3 billion in an unregistered securities offering by selling XRP.

The case went through several ups and downs in the following years, with Ripple securing some vital (yet partial) court wins. In the summer of 2023, for example, Judge Torres ruled that the firm’s XRP sales to retail investors on crypto exchanges did not violate securities laws. Earlier this year, though, she determined that Ripple’s direct sales of its native token to institutional investors violated federal securities laws, thus fining the enterprise $125 million.

The firm seemed ready to pay the penalty, thus settling the lawsuit. However, the SEC prolonged it by appealing the aforementioned 2023 verdict. The regulator’s action means that the official resolution of the legal battle may occur in a few years. 

Nonetheless, Donald Trump’s victory in the US presidential elections could bring the end closer. At least, that is what the American attorney Jeremy Hogan assumed.

Trump promised to fire the SEC’s Chairman Gary Gensler on day one after taking the helm. While his inauguration is set for January 20, Hogan believes Gensler will step down before that day. 

He predicted that the new agency leader might dispose of all non-fraud crypto lawsuits the regulator has filed over the years. The recommendation is expected to be approved by the Commissioners since the division will be comprised of Republicans.

According to Hogan, such an outcome would result in the settlement of the Ripple v. SEC case for the previously ruled amount of $125 million. 

“It would be…awkward to settle for less than what was already awarded by a Court! The Coinbase and other cases in litigation will simply be dismissed. This will take some time. Not January, but perhaps before summer. That’s my call, and I’m sticking to it,” the lawyer concluded.

An Additional Opinion

Fred Rispoli – another US attorney who has been following the updates surrounding the Ripple v. SEC legal tussle – also chipped in. He claimed that the election of Trump should be considered “good news” as it will lead to “extreme changes” at the agency. He thinks those amendments will come into effect in March or April next year. 

Contrary to Hogan, Rispoli believes dismissing the lawsuit is “unrealistic.” In his view, the $125 million penalty is the biggest win the SEC can gain. The attorney also predicted that the regulator’s new potential leadership will “recognize this whole case was idiotic and settle at that point.”

“This might include a reduction in the fine and an agreement that current sales of XRP by Ripple are sufficiently structured to not be investment contracts,” Rispoli added.