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Cardano Hydra Unveils Gamified Test Campaign, ADA Price Reacts
Input Output Hong Kong (IOHK), the parent company of Cardano (ADA) has announced its upcoming Hydra testing campaign. Packaged as a gaming tournament on Doom, a title built on Hydra protocol, the startup said it plans to push the limit of the scaling solution.
Cardano Hydra Expectations
As IOHK revealed, the Hydra Doom deathmatch will kick off next month. The gamified testing is in stages and will feature both bots and humans. While the first round will feature players versus bots, the second round will see real players take on themselves.
Help us push Hydra to the limits on Cardano!
A tournament like no other, the Hydra Doom deathmatch kicks off this December, and 100,000 USDM in various prizes can be won. Featuring a brand new customized game look, multiple thrilling rounds of non-stop fragging, and an in-person… pic.twitter.com/iRLVFYrsld
— Input Output (@InputOutputHK) November 23, 2024
Cardano plans to incentivize participation in the Hydra Doom tournament with a 100,000 USDM prize pool. Cardano developed the protocol as its solution to scaling the mainnet. Doom is one of the dominant DApps that even Charles Hoskinson promotes as a showcase of the Hydra innovation.
This is not the first time the protocol will carry out related testing on Hydra. It relies on the performance and statistics from this testing to firther develop the protocol.
As reported earlier by Coingape, in previous testing, Hydra Doom recorded a total transaction of 3 million in approximately 1 hour. Beyond this, it achieved a 1663 Global TPS. In addition, it recorded more than a constant 1000 transactions with no failed transactions. Lastly, Cardano Hydra Doom attained a 14% 1 hour chain load.
Community and ADA Market Reaction
Cardano remains one of the best performing assets in the market at the month. Despite ADA price crossing the $1 mark, top market analysts believes it is just getting started.
Initial reaction that trailed the Hydra Doom testing has further sparked community intrigue. Many members of the Cardano ecosystem confirmed sign ups to the testing event, boosting ADA price sentiment.
At the time of writing, the coin was changing hands for $1.06, up 8.62% in 24 hours. Within this time span, the coin jumped from a low of $0.9508 to a high of $1.16. Riding on the broader Bitcoin price momentum, Cardano appears poised to reclaim new highs and current ecosystem upgrades might help achieve this goal.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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In the latest development in the long-running XRP lawsuit, the US Court of Appeals has granted Ripple and the SEC’s joint motion to suspend their respective appeals. This will give both parties time to finalize the settlement in the long-running legal battle.
XRP Lawsuit: Court Grants Ripple & SEC’s Joint Motion
As revealed in a court document, the US Court of Appeals has granted Ripple and the US Securities and Exchange Commission’s (SEC) joint motion to hold the appeal in abeyance. The court has further directed the Commission to file a status report within 60 days of this order.
This court order consequently suspends the ongoing appeal and cross-appeal filed by the SEC and Ripple, respectively. As CoinGape reported, both parties had filed the joint motion to suspend the appeals in light of them reaching a settlement.
The SEC and Ripple argued that holding the appeal in abeyance will help conserve judicial and party resources while they both continue to pursue a negotiated resolution of this matter.
In March, Ripple agreed to drop its cross-appeal against the SEC following the latter’s decision to drop its appeal in the long-running XRP lawsuit. However, the matter is yet to be finalized as both parties revealed in the filing that they need additional time to obtain the Commission approval for their agreement-in-principle.
Once approved, both parties will still need to get an indicative ruling from the District Court. As part of the agreement, Ripple and the SEC had agreed that the former would only pay $50 million out of the $125 million penalty that Judge Analisa Torres awarded against the crypto firm. The Commission also agreed to request that Judge Torres lift the standard injunction that it imposed on Ripple.
Possible Reason For The Delay?
It remains unclear why the Commission has yet to approve the agreement in the XRP lawsuit. However, a possible reason could be that the SEC is holding out for Paul Atkins to assume office.
As CoinGape reported, the US Senate has confirmed Atkins as the next SEC Chair. The next step is for US President Donald Trump to sign off on the confirmation and swear him in as Gary Gensler’s successor.
Once the Commission approves the agreement, Ripple and the SEC will ask Judge Torres for relief from her earlier judgment. Once that happens, the Court of Appeals can strike out the appeal and remand the case to the District court for a full ruling on the agreement.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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A large Ripple whale has moved 29,532,534 XRP, valued at $63.81 million, from an unknown wallet to Coinbase. This Ripple whale transfer comes at a time when XRP is making waves in the cryptocurrency market, positioning itself as one of the top candidates for a U.S. spot ETF approval.
XRP’s increasing liquidity and recent developments have placed it in direct competition with Solana (SOL) for ETF approval, with analysts predicting XRP may secure approval sooner than its rivals.
XRP’s Growing Liquidity Boosts ETF Prospects
XRP has shown a marked improvement in liquidity over the past few months, positioning itself as a strong contender for a U.S. spot ETF. A study of market depth done by Kaiko Indices shows that XRP and Solana have the deepest 1% market depth on vetted exchanges. XRP’s liquidity has increased since late 2024, outperforming that of Solana and even risen to two times that of Cardano’s ADA.
Several events have enhanced XRP’s liquidity, such as Teucrium’s launching of a 2x XRP ETF in the recent past. This leveraged product tracks European ETPs and swap agreements, offering double the daily returns of XRP.
On the launch date, it traded above $5 million, becoming the best-performing fund for the Teucrium Fund Company. Such momentum brings XRP the vital support for its objective to establish a place in the approval process for the U.S. spot ETF.
Despite the absence of a robust futures market, as seen in BTC, XRP has gradually made an increased impression in the US spot market. This triggered the token’s market share to go to the highest level since the SEC lawsuit in 2021, which triggered multiple delistings.
In this regard, Solana’s market share has decreased to 16% from the 25-30% recorded in 2022. According to analysts, XRP continues to trade significantly in the spot market, which could pave the way for approval soon.
Ripple’s Push for ETF Approval
The SEC has approved various filings for XRP spot ETFs, with a key deadline for Grayscale’s amendment scheduled for May 22. Additional good news came from the regulatory channel, confirming Paul Atkins as the new SEC Chair. Since several deadlines are set for the ETFs in the cryptocurrency market, Atkins’ leadership could determine the fate of XRP and other assets.
XRP’s situation differs from Bitcoin’s, as it lacks a robust futures market, making the cryptocurrency’s regulatory landscape more complex. However, rising liquidity and introducing the 2x XRP ETF have shifted the narrative firmly towards Ripple’s token. Therefore, the steps taken by the SEC in reaction to Grayscale’s filing will set the direction through which XRP may or may not get approval.
Despite this, according to data from Polymarket, there is a 74% chance that XRP will be approved for a spot ETF by December 31, 2025. However, there is still cautious optimism in the option market for XRP.
Data from Deribit reveals an abundance of bear call options, indicating that traders mainly hedge against further downside. This is partly due to worries from the broader market, such as macroeconomic issues that may affect crypto assets, like the Trump tariffs.
XRP Price Trend Amid Ripple Whale Moves
Looking at the technical analysis of the XRP price, there are indications of purely bullish opportunities. According to crypto analyst TheDefilink, XRP price is presently trading above key support levels on the daily charts, and as signified by the Ichimoku Cloud, the trend remains bullish.
In addition, large token transfers mean that Ripple whales are active on the market. The latest 29 million XRP transferred to Coinbase, alongside the 70 million XRP transfer between two unknown wallets, also depicts interest in XRP.
Additionally, the tightening of XRP’s Exponential Moving Averages (EMAs) suggests a potential golden cross could be forming, a pattern often associated with upward price movements.
According to the analyst, XRP price resistance levels are $2.23 and $2.50, with support levels at $1.96 and $1.61. A successful move above the $2.23 resistance could further energize the bullish sentiment surrounding XRP, aligning with a recent CoinGape XRP price analysis.
However, failure to hold the $1.96 support level might lead to a shift in market sentiment, potentially triggering a bearish correction in the short term.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Despite being the second biggest cryptocurrency, Ethereum has witnessed the worst quarterly price performance of 5 years in Q1 2025. With continuous bears’ dominance and macroeconomic events putting downward pressure on the altcoin, it is down significantly. However, that might change as the ETH price chart shows a bullish sign.
Ethereum Price Up for Rally As Buying Signal Flashes
Ethereum’s downtrend resulted in the token’s crashing to a low of $1,400 earlier in the month. Experts have attributed this fall to investors’ bearish sentiments and the overall crypto market crash. However, the Ethereum price drop against Bitcoin to its lowest in years indicates underlying performance issues.
While the selling sentiments remain, a buy signal has formed in the ETH price chart, presenting the possibility of a rebound. According to the crypto analyst Ali Martinez’s X post, the TD sequential indicator is presenting Setup 9, i.e., an indicator of trend reversal.
ETH may be gearing up for a major rebound, with the TD Sequential flashing a buy signal on the weekly chart!
The “9” is historically proven to mark the end of the bearish trend and present buying opportunities. Moreover, the smaller body size of the candle suggests weakening selling pressure and traders opting to buy.
Besides, no major resistance near the chart exists, so a smooth uptrend can form unless any major macroeconomic event interferes.
Symmetrical Triangle Formation Supports Ethereum Price’s Bullish Outlook
With a 3% recovery over the week, Ethereum currently trades at $1,639.91 with a market capitalization of $197.88B. Although the recovery is slow, the token moves in a symmetrical triangle formation, simultaneously opening the possibility of an uptrend or a downtrend.
If the ETH price moves up, it could rally to $1,900, but a downside move could result in a crash to $1,380. Although uncertainty remains amid Trump’s tariff trade war, the long-term bullish Ethereum price prediction is sustained.
Considering the same, a crypto whale has just opened a $12.6M ETH Long with 5x leverage, influencing investors’ sentiments.
Frequently Asked Questions (FAQs)
Persistent berish investor sentiments, broader crypto market crash, and macroeconomic events drive the poor performance of Ethereum.
After a 3% recovery during the week, Ethereum currently trades at $1,639.91 but could hit $1,900 with the confirmation of bullish momentum.
The ETH price chart shows that investors’ buying interest is rising and selling sentiments are declining. Even whales are placing long leverage, showcasing rising confidence in the altcoin.
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