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Cardano Price Forecast as Ripple CTO Responds to Charles Hoskinson’s Comments – This is What Happened

Joel Frank
Last updated: | 5 min read
ADA bears eye $0.20, with the longer-term downtrend still in-play. Source: TradingView

ADA, the native cryptocurrency of the smart-contract-enabled, high-performance Cardano blockchain, bounced by around 2% on Tuesday, and was last changing hands in the $0.26 area, having briefly dipped under $0.25 during Monday’s crypto-wide sell-off on hawkish central bank/recession concerns. 

ADA’s pick-up on Tuesday comes amid a broad recovery in cryptocurrency markets, despite another hawkish central bank surprise, this time from the Bank of Japan, who unexpectedly tweaked their so-called “yield curve control” policy, facilitating a near 20 bps jump in Japanese 10-year government bond yields (similar to the effect of a rate hike).

ADA enjoying a modest recovery on Tuesday. Source: TradingView

However, price predictions remain downbeat. ADA’s recovery on Tuesday still leaves the cryptocurrency down more than 3.0% on the week and lower by around 19% on the month. Meanwhile, versus the start of the quarter, ADA has lost about 40% of its value, with many bears confident that the cryptocurrency is set for further losses. 

ADA traders have largely ignored the fact that Cardano’s founder Charles Hoskinson, who also functions as Input Output Hong Kong’s (IOHK) CEO, has fallen out with the Ripple community. IOHK is the non-profit company tasked with the development of Cardano and other crypto projects.

Hoskinson Has Had it With the Ripple Community, Ripple CTO Responds

At the end of last week, Cardano founder Charles Hoskinson uploaded a video to Twitter outlining his reasons as to why he will no longer respond to questions about the Ripple project, or engage with members of the Ripple community. 

The Ripple community has unfairly attacked Hoskinson many times after taking comments that he has made about their project out of context, he claimed, before labeling the Ripple community the most toxic in the crypto space.

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A day later, in reply to a comment criticizing his decision to no longer engage with the Ripple community, Hoskinson doubled down on his decision and labeled the Ripple community “toxic and petty”. He also went a step further, criticizing XRP itself by saying it offers “no partnership or technical value”. 

David Schwartz, Ripple’s CTO, stuck up for his community in a response to Hoskinson’s tweet. “You may want to wait a few days, read this tweet back, and think about whether you’re sure that’s the combination of things you really want to say”, Schwartz said.

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Price Prediction – ADA’s Pace of Decline to Slow, But $0.20 Looks Inevitable

The pace of ADA’s recent decline has some traders betting that the cryptocurrency’s price might now see some stabilization. ADA’s 14-day Relative Strength Index (RSI) score has been below 30 now for five days, signifying that ADA has entered a period of being “over-sold”. In recent months, when the RSI has pointed to ADA being oversold, its price has usually stabilized or even enjoyed a modest short-term recovery in the following days and weeks.

ADA’s latest drop in the last few weeks has also seen it break below a downward trend channel that had been in play since August. Traders have taken this as another sign that the cryptocurrency is falling in value at a likely unsustainable pace.

ADA breaks below a medium-term downtrend and is over-sold according to the RSI. Source: TradingView

However, though there are technical indications that ADA might see some short-term stabilization, ADA’s price looks vulnerable to significant further losses in the medium term. That’s because a longer-term downtrend from the September 2021 record high of around $3.16 remains very much intact. The cryptocurrency also continues to trade below all of its major moving averages, all of which are pointing lower, with the 21-Day Moving Average having recently acted as a key area of resistance. Many bears are betting on a test of support under $0.20 in early 2023.

ADA bears eye $0.20, with the longer-term downtrend still in-play. Source: TradingView

Altcoins Offering Quicker Returns

Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.

FightOut (FGHT) – Presale Launches

FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors think the project could transform the existing web3 M2E landscape. While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.

FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised over $2.17 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.

Visit FightOut Now

Dash 2 Trade (D2T) – Presale Enters Final Stage

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. 

Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $10.24 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in under one month.

Visit Dash 2 Trade here

Calvaria (RIA) – Final Presale Stage Now

Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.

Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.51 million, with a crypto whale scooping up $97.5K in one purchase earlier this month. The presale is in the final stage, with only 20% of tokens left. 

Visit Calvaria Now