Ripple v. SEC Lawsuit Updates, Cardano (ADA) Price Predictions, and More: Bits Recap Feb 7

TL;DR

• The legal battle between Ripple and the SEC continues, but recent changes in the regulator’s leadership may favor the company.
• Analysts predict a parabolic rally for Cardano (ADA), with strong fundamentals and rising adoption signaling a possible breakout despite recent price declines.
• Whales accumulated 750 million DOGE during the dip, and analysts see $0.17 as a potential bottom before a major price surge.

More Changes at the SEC

Over the past few years, Ripple secured some vital partial court wins that seemingly positioned the regulator as the underdog in the legal tussle. Most recently, the SEC enforced some amendments to its leadership, which could also be interpreted as good news for the company.

As CryptoPotato reported, the agency moved Jorge Tenreiro to its computer systems management department. The law expert joined the agency 11 years ago and signed the SEC’s notice of appeal in its case against Ripple.

The plea was submitted in October last year, challenging Judge Torres’ 2023 decision. At that time, she ruled that Ripple’s sales of XRP to retail investors through centralized exchanges did not violate securities regulations.

Earlier this year, the SEC’s former Chairman, Gary Gensler, stepped down. The agency had a quite hostile approach towards the cryptocurrency industry during his tenure, and somewhat expectedly, the XRP community cheered his resignation.

His role was succeeded by Mark Uyeda, who is pro-crypto and even criticized the SEC’s previous leadership for launching a war on the sector. 

ADA Bull Run in the Cards?

Cardano’s native token suffered the consequences of the market decline at the start of the business week and is currently deep in the red on a 7-day scale, trading at approximately $0.71 (per CoinGecko’s data).

However, many industry participants believe a fresh resurgence could be just around the corner. Such is the case with Ali Martinez, who observed ADA’s performance in the past years and assumed that it might be “at the very beginning of a monster parabolic rally.”

The X user Lucky was also bullish, telling his over 2 million followers on the social media platform that “strong fundamentals and rising adoption make Cardano a solid bet before the next big move.”

DOGE Price Predictions

Last but not least, we will touch upon the OG meme coin – Dogecoin (DOGE). Similar to ADA, it has also sank by double digits in the past week, but some factors signal a potential reversal.

Martinez recently disclosed that whales accumulated 750 million tokens during the correction, describing the move as “a strong sign of confidence in the market.”

For their part, the X users AMCrypto and KALEO outlined predictions for the near future. The former envisioned a potential decline to as low as $0.17 before a bull run to a new all-time high.

KALEO claimed that the current price level of $0.25 is “a solid entry and practically free compared to where we’ll see it a few months from now.”