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- A further drop in price could still be in the cards for ADA.
- Gambardello stressed the importance of the Ripple Vs SEC case.
- The YouTuber stated that XRP’s current situation is creating good investment opportunities.
The well known crypto influencer, Dan Gambardello, posted a new YouTube video on October 14, where he spoke about the negative sentiment at the market at the moment, and how this could create some interesting opportunities for investors. Gambardello also specifically talked about Cardano (ADA) and Ripple (XRP).
With regards to ADA, the YouTuber stresses how important it is to look at the crypto’s whole chart. If you do this you will see that ADA saw a 98% drop in the previous bear market. At the moment, ADA is down just over 80% from its all-time high, which means a further drop in price could still be in the cards for the altcoin.
He also mentioned that investors should look at the stock market. If the stock market takes a leg down, it is more likely that the crypto market will follow suit.
Cardano/US Dollar 1-W (Source: YouTube) Adding to the theory that ADA could see further downside is the fact that the crypto has broken down below the descending trendline. The YouTuber concluded his discussion about ADA by stating that he does not believe that the crypto has reached its bottom just yet.
With regards to XRP, Gambardello started by stating the importance of the Ripple Vs XRP case for the crypto community as a whole, and that the outcome of this case will set a precedent for the future.
He also stated that if the case does go in Ripple’s favour,there will be huge upside for XRP considering the positive sentiment as the crypto will once again get launched on exchanges. He also mentioned that this is an opportunity that investors should keep an eye on.
So far, ADA and XRP are in the green zone today, with the cryptos being up 3.44% and 6.42% respectively.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
