Contrary to what has been the case recently, Cardano (ADA) recently noted an increase in its price on the charts. One that helped it capture the sixth spot on CoinGecko’s crypto rankings by market capitalization. In fact, Cardano has also outperformed and overtaken XRP on the back of its 15% and 5% gains over 7 days and 24 hours, respectively. At the time of writing, Cardano was trading at $0.588267 with a market cap of $19.9 billion.
On the back of the aforementioned gains, the ADA hit its 2-month high – quite a turnaround after hitting annual lows in mid-July. Now, there could be several reasons behind the same, but an important catalyst is the hype surrounding the long-awaited Vasil hard fork.
Tension in society
Originally announced to launch in June, the Vasil hard fork will be a major upgrade to the Cardano ecosystem as it will improve the network’s capacity and bring other prominent changes. Considering the extent of the hard fork’s importance, developers want to work a lot on the update to ensure a smooth transition, which caused the delay in the launch.
Here’s a quick summary of where we are and what you can expect…👇
— Input Output (@InputOutputHK) 12 August 2022
Kevin Hammond, IOG’s chief technical officer, recently so,
“All users must be ready to get through the hard fork to ensure it is a smooth process, both for them and end users of the Cardano blockchain.”
However, despite the delay, the crypto community seems to be quite excited about the hard fork. The same was highlighted by Santiment recently, with the social dominance of ADA shooting up in recent weeks after a downward trend.
ADA v. XRP
While ADA outperformed XRP by a significant margin, the latter also saw steady growth on its chart by flashing a 3.7% increase on its 7-day performance. Although XRP managed to build on its value considerably in late July, it could not sustain the aforementioned uptrend for long. On the contrary, ADA has maintained a steady rise since the beginning of this month with a big push on August 12th. This helped ADA flip XRP to take the sixth spot on the list.
The sudden rise was also supported by sufficient volume to provide a strong base for the uptrend. ADA has so far risen by almost 20% in August, indicating better days ahead. While comparing the charts of ADA and XRP, the MACD indicated that both coins have a bullish advantage. However, ADA’s data seemed much more promising compared to XRP.
ADA’s performance increase amid the Vasil hard fork hype could allow the altcoin to push its value further. Therefore, it seems unlikely that XRP will reverse ADA again to regain its position.