Cardano might have delayed the plan to enhance scalability within the network. Nevertheless, the proof-of-stake-based crypto didn’t appear concerned about the development. July 29 sessions saw ADA flipping Ripple’s XRP to become the 7th largest crypto by market cap.
Deferment Not Denial
Santiment revealed that the flip occurred as Cardano’s social and on-chain metric exploded upside. It started when the asset’s social volume skyrocketed from 145 to 441. Surprisingly, it stretched beyond there. That period saw Cardano’s active addresses rising drastically, recording an impressive surge to 176 from 45.
Cardano’s development department had declared that it would postpone the Hardfork upgrade. The Vasil upgrade is an innovation designed to solve scalability issues for the chain.
ADA’s Tech Manager Kevin Hammond commented on the event delay, stating that there might be more weeks before launching the Vasil fork.
He added that all users should be prepared for the upgrade and ensure a smooth process for them and Cardano chain’s end users. Hammond revealed that the team would announce a later upgrade date, delaying the June 29 schedule.
ADA could not sustain its spot at the 7th position. The following hours saw XRP regaining its seventh place, with Cardano dropping to the 8th rank. While publishing this content, XRP climbed further to be the 6th largest crypto by market cap (Coinmarketcap data).
Nevertheless, Cardano still appears near it. While writing these lines, ADA had its market value at $17.56 billion, whereas XRP hovered at $17.88 billion. Meanwhile, Cardano seems to boast what it takes for further upside.
Despite surrendering 69% since hitting its all-time high, ADA remains in a lucrative position to launch a stable uptrend. The RSI (Relative Strength Index) shows ADA stayed primed for another surge in price. Nevertheless, the altcoin might retrace if this indicator hits the overbought region.
The RSI read 61, and surging to 70 might catalyze a price decline, impacting the already-surging market capitalization. Meanwhile, ADA enthusiasts should watch broader trends and price action to determine the alt’s direction.
What are your thoughts about the above content? Will ADA win the battle? You can leave a reply below.