Crypto Capital Venture founder Dan Gambardello suggests that Cardano might quickly surge to $3 if it receives news of exchange-traded funds (ETF) similar to that of XRP.
Gambardello made this suggestion yesterday in an X post. He indicated that Cardano currently has many positive developments within its ecosystem, contributing to its rally.
While he did not specify these developments, he hinted that Cardano could rapidly surge to $3 if it receives positive news about ETFs, as XRP has done recently.
Gambardello’s comment suggests that Cardano might register a substantial price increase if asset managers file for ETFs tied to ADA.
ADA Lags Behind XRP In Terms of ETF Filings
Following the approval of Bitcoin and Ethereum ETFs, multiple experts speculated that ADA, XRP, and Solana could be the next assets to be approved for ETF.
While several asset managers have filed with the SEC to launch ETFs exclusively tied to Solana and XRP, Cardano has not seen such a filing. Instead, the investment product linked to ADA revolves around a filing submitted by NYSE Arca, seeking to convert the Bitwise 10 Crypto Fund (BITW) to an exchange-traded product (ETP).
For context, BITW holds 10 top crypto assets, including XRP and ADA, with weightings of 5.7% and 1.6%, respectively.
Besides the Bitwise basket ETP application, XRP has four filings exclusively tied to the asset. Top asset managers, such as Bitwise, 21Shares, Canary Capital, and WisdomTree, submitted these applications to the SEC.
Additionally, Grayscale Investments also sought the SEC’s blessings to convert its multi-coin fund, featuring XRP, to an ETF.
XRP Outperforms ADA
The massive institutional interest in XRP has contributed to XRP’s price surge. Notably, the price of XRP has spiked by 477% in 30 days from $0.4937 to $2.85.
On the other hand, Cardano witnessed a spike of 273.65% in the same timeframe, soaring from $0.32 to $1.32. While XRP has yet to hit the $3 mark despite getting multiple ETF filings, Gambardello believes Cardano would quickly achieve this milestone if it were to receive similar applications.
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