For some investors, Cardano’s recent dip below $1 might seem catastrophic. However, ADA bulls appear unfazed by the slight decline, as on-chain data suggests they may be gearing up for another sustained uptrend.

Here is an in-depth analysis explaining how things could unfold for the altcoin.

Cardano Investors Stick to Their Bullish Conviction

As of this writing, Cardano’s price is $0.98 after initially rising to $1.15 recently. This slight decrease could be linked to the broader market fall yesterday, which saw Bitcoin (BTC) drop below $95,000.

However, data from Coinglass reveals that the ADA Spot Inflow/Outflow stands at -$40 million as of this writing, down from -$63 million on Monday, November 25. This indicates that Cardano bulls have withdrawn about $100 million from exchanges in just two days

Typically, when holders pull tokens from exchanges, it suggests they’re not planning to sell, which can create upward price pressure. Conversely, an increase in inflows would indicate that holders are willing to sell, potentially leading to a price decline.

Therefore, if the exchange outflow continues to rise, then Cardano’s price could rebound in the short term. Another indicator predicting such a move is the Mean Dollar Invested Age (MDIA).

The MDIA is the average age of all tokens on a blockchain weighted by the average purchase price. When it increases, it means that most tokens have stayed stagnant. Thus, this makes it challenging for prices to move significantly.

However, for Cardano, the 90-day MDIA has significantly declined, suggesting that trading activity of previously dormant coins has increased. If sustained, ADA might find it relatively easy to trade higher as long as buying pressure increases.

ADA Price Prediction: Uptrend to Continue

The 4-hour ADA chart shows a bull flag forming, a bullish pattern made up of two rallies separated by a short consolidation period.

The pattern begins with a sharp price spike, called the flagpole, driven by strong buying pressure. This is followed by a pullback, creating the flag — a rectangular shape with parallel trendlines. A bull flag typically signals that, after consolidation, the price is likely to resume its upward movement once the pattern breaks out.

Considering the current outlook, Cardano bulls might push the price above $1.15. If that happens, then ADA is likely to rally toward the $2 mark. On the other hand, if selling pressure increases, the price might drop to $0.85.

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WisdomTree, a global asset manager overseeing around $113 billion in assets, has initiated the process for launching an XRP ETF. 

The firm recently filed for a trust entity in Delaware, a necessary precursor before submitting a formal application to the SEC.

Increasing Optimism for XRP ETF Approvals

This move positions WisdomTree alongside other asset managers entering the XRP ETF market. Bitwise filed for a similar product last month. The trust emphasized that it uses cold storage for most of its XRP holdings to ensure investor’s security. 

In October, Canary Capital also applied to launch a spot XRP ETF. The fund would track XRP’s price using a benchmark index, pulling data from regulated exchanges.

Now, WisdomTree has become the third, and potentially the largest asset manager to apply for an XRP ETF. Unlike Bitwise and Canary Capital, the proposed ETF aims to track XRP’s market performance. 

WisdomTree has yet to disclose an exchange listing or a ticker symbol for the fund.

“I have confirmed with the company this is a legitimate filing. Wisdom Tree has over $100 billion in assets under management,” FOX Business journalist Eleanor Terrett wrote on X (formerly Twitter)

Meanwhile, XRP has regained momentum in the bull market following Gary Gensler’s resignation from the SEC earlier this month. The token has surged by nearly 180% in November, reaching its highest price in over three years. 

The leadership changes at the SEC could shift the agency’s stance on digital assets. Ripple Labs’ legal challenges with the SEC have underscored the need for regulatory clarity, and Gensler’s departure might ease restrictions on XRP ETFs.

Ripple has consistently highlighted XRP’s potential for institutional adoption. The firm’s CEO Brad Garlinghouse previously expressed optimism about the eventual approval of an XRP fund. He called it an inevitable development for the asset class.

Furthermore, XRP is not the only digital asset looking for ETF approval after the success of Bitcoin and Ethereum ETFs. VanEck and 21Shares have also filed for Solana ETFs. The SEC currently has a deadline of January 6, 2025, to decide on these applications.