This is What Can Cause a Massive Altcoin Season Spearheaded by Cardano (ADA) Very Soon: Analyst
TL;DR
- Crypto Capital Venture’s Dan Gambardello predicts a rally in altcoins like Cardano’s ADA linked to a major legal case outcome.
- A crucial court hearing is set for January 17, 2024, and is regarded as highly significant for the crypto industry.
- Legal experts have analyzed the case, offering insights into potential scenarios.
Approaching an Important Milestone
Dan Gambardello – Founder of Crypto Capital Venture – believes that alternative coins could rally substantially in the near future. He based his forecast on a favorable outcome for Coinbase in its case against the United States Securities and Exchange Commission (SEC).
Recall that the regulator sued the company last summer, accusing it of breaching several laws and offering trading services with alleged unregistered securities, including Solana (SOL), Cardano (ADA), Polygon (MATIC), and more.
A court hearing between the two parties, labeled “crypto’s biggest deal” by Gambardello, is scheduled for January 17, 2024. It will involve oral arguments for Coinbase’s motion to dismiss the charges.
Gambardello reminded that XRP’s price skyrocketed, and its market capitalization almost doubled last summer when Judge Analisa Torres ruled that Ripple’s secondary sale of XRP didn’t constitute an offer of investment contracts. As such, he predicted that Cardano’s ADA could experience similar gains should Coinbase emerge victorious in its case:
“I’m using the XRP move to give a sense – we’re back above a dollar, or we’re right around a dollar. We are in such a good time for this case to finally get resolved.”
Is SEC the Underdog?
The American lawyer James Murphy, using the X handle MetaLawMan, also touched upon the upcoming hearing, presenting four possible scenarios. One of the options includes granting Coinbase’s motion “with prejudice,” which would result in a case dismissal.
“The judge almost certainly will not rule at the hearing. But, it is possible she will leave some hints through her questioning,” he added.
John E Deaton – an American attorney representing thousands of XRP investors in a lawsuit against the US SEC – chipped in last year, claiming that Coinbase has a “better than 50%” chance to secure a victory at the District Court level and over 80% to win at the Supreme Court level.
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