Is ADA making an effort to take over XRP’s position amid rising market cap
Cardan [ADA] The decision to improve the scalability of its network may have been delayed. However, the proof-of-stake (PoS)-based cryptocurrency didn’t seem to care about development.
As of July 29, ADA reversed Ripple [XRP] become the seventh largest cryptocurrency by market value.
delay not deny
According to Santiment, the reversal occurred as ADA’s on-chain and social metrics skyrockets. It started when his social volume went from 145 to 441. Interestingly, it didn’t stop there. Around the same time, active addresses on the Cardano chain increased significantly from 45 to 176.
Earlier, the development department of Cardano announced that Cardano will advance the hard fork upgrade. The Vasil hard fork, aimed at upgrading Cardano’s testnet, was seen as an innovation that would solve the scalability issues faced by the chain.
Regarding the promotion of the event, Kevin Hammond, Chief Technology Officer of Cardano, said:
“There could be a few more weeks from where we are before we go to the Vasil hard fork. All users should be prepared to progress through the hard fork to ensure the process runs smoothly for both them and the end users of the Cardano blockchain.
After being billed for June 29, Hammond confirmed that Cardano would communicate a later date for the upgrade.
ADA did not last long at the seventh market capitalization position. A few hours later, XRP regained its position, with ADA retreating to number eight. As of press time, XRP has taken a step closer to becoming the largest cryptocurrency by market cap value according to CoinMarketCap.
However, ADA still seems close. At the time of this report, the market value of ADA was $17.56 billion, while XRP stood at $17.88 billion. Indications are that ADA still has the potential to move higher once again.
Despite being down 69% from its all-time high (ATH), ADA is in a prime position to maintain an uptrend. According to the Relative Strength Index (RSI), ADA is in good shape for another price increase. However, if it approaches the overbought level, ADA might pull back.
At an RSI of 61, moving to 70 could trigger a price crash and affect its already growing market capitalization.
At this point, ADA investors may need to observe the market trend and price action before the coin moves in a specific direction.