Ripple (XRP) Developments, Cardano (ADA) Price Prediction, Solana (SOL) Volatility: Bits Recap Nov 22

TL;DR

• Ripple vs. SEC: Ripple (XRP) is embroiled in a legal battle with the SEC, with a key trial scheduled for spring 2024. Ripple has secured three partial victories to date.
• Cardano’s Outlook: Cardano’s ADA experienced a price surge with predictions of reaching $11 and a $400 billion market cap by 2025.
• Solana’s Volatility: Solana’s SOL saw significant price fluctuations, peaking at nearly $0.70 and then dropping to around $55, partly due to the SEC’s actions against Kraken.

What’s New Around Ripple (XRP)?

Ripple and its native token – XRP – have remained a popular topic in the community in the past couple of days. The development that intrigues many cryptocurrency participants across the globe is undoubtedly the lawsuit between the blockchain enterprise and the US Securities and Exchange Commission (SEC). 

Ripple has already secured three major (yet partial) victories against its enemy, with some arguing it has the upper hand in the legal battle. Most recently, Judge Analisa Torres set a schedule for remedies-related discovery and briefing, and both parties are required to complete the necessary procedures before February 12, 2024. A grand trial next spring should determine the outcome of the saga, which started almost three years ago.

Another development that made the headlines this week is the lawsuit that the SEC filed against the crypto exchange Kraken. It accused the company of breaching several laws and offering trading services with numerous digital assets as unregistered securities. Interestingly, Ripple’s coin – XRP – was not included in the lengthy list.

Optimistic Cardano (ADA) Forecast

Cardano’s native token – ADA – has also captured much of the attention due to its recent price increase toward $0.40 (per CoinGecko’s data). Despite its slight decline in the following days, some analysts believe the asset remains poised to reach a new all-time high in the near future. One such person is Dan Gambardello – Founder of Crypto Capital Venture.

He thinks ADA might be currently in a pre-bull run condition, envisioning its price to explode months after the BTC halving (scheduled for next spring). He predicted the coin’s market capitalization could explode to a whopping $400 billion in 2025, while ADA might hit an ATH of approximately $11.

Those curious to explore additional price forecasts involving the asset could take a look at our latest video below:

Solana’s (SOL) Rollercoaster

Last but not least, we will touch upon Solana’s native cryptocurrency – SOL – and its significant price swings in the past several weeks. It spiked to almost $0.70 in mid-November (a figure last observed in the spring of 2022), possibly prompted by the previous green wave in the digital asset sector and the FOMO effect. 

However, the asset’s valuation has retraced considerably in the following days, currently hovering around $55. One factor playing a role in the decline could be the SEC’s lawsuit against Kraken, where SOL was labeled a security by the regulator.