Cardano (ADA) is on the rise right now because it is following the whole digital currency ecosystem, which has recorded a significant rebound on top of the 5.79% increase in the market value of all cryptocurrencies, which puts it at $1.25 trillion. Cardano is following the trend and is currently trading at $0.348, up 21.11% in the last 24 hours.
Cardano’s price has risen as a result of Judge Analisa Torres’ favourable decision, which found that XRP currency created algorithmically and traded on secondary markets does not qualify as an investment contract. Given that the United States Securities and Exchange Commission (SEC) sued Coinbase and Binance and declared Cardano to be a security, the development has been hailed as a significant victory for the Cardano ecosystem.
Prior to the summary judgement made public yesterday, Cardano had been trading in a fairly narrow range, with the price ranging during the previous month between a low of $0.2553 and a high of $0.3027.
The recent surge has sent the price of the coin to a multi-month high, a development that highlights the likelihood that Cardano will soon benefit from the decision.
Is Cardano a security?
The Cardano Foundation immediately objected to the motion when the SEC sued Coinbase and Binance and listed ADA with other digital currencies, including BNB, Solana (SOL), Decentraland (MANA), and Polygon (MATIC), as securities.
The native coin of the network has now been delisted on prestigious trading platforms, including Bakkt, eToro, and Robinhood, despite the fact that the market authority did not directly sue Cardano.
Investors may find it difficult to support Cardano if the status as a security does not change soon, much to what happened to XRP for more than two years after the SEC launched its complaint against Ripple Labs.
