Important crypto news in the blockchain sector regarding Cardano (ADA), Monero (XMR) and Ren (REN). Below are all the details.
Focus on Cardano (ADA), Monero (XMR) and Ren (REN) crypto assets
It is worth recalling that ADA is the native cryptocurrency of the Cardano blockchain. Cardano’s currency can be used for network transactions and can also be held as a form of investment.
Monero (XMR), on the other hand, often shortened to XMR, is a cryptocurrency that seeks to keep financial transactions private and anonymous. Monero (XMR) uses state-of-the-art cryptography to mask both the senders and receivers of transactions.
Finally, Ren (REN) is an Ethereum token that powers Ren’s open protocol for transferring cryptocurrencies between blockchains. Ren aims to bring known assets, such as Bitcoin and Zcash, onto blockchains such as Ethereum, enabling such assets to participate in a decentralized financial ecosystem with multiple blockchains.
Cardano: will the price of the crypto perform better than Monero and Ren?
As Bitcoin has soared 30% in the past week, many altcoins have also risen and made increasing gains. However, other altcoins such as Cardano were still tentative in their respective bullish trends.
At present, Cardano is still hovering around a price of $0.35, despite the fact that Bitcoin has risen from 19K to 28K. As such, one wonders whether the price of ADA will rise higher and whether it will reach $1 and then triple.
In any case, while the cryptocurrency market has risen an average of 20% in the last week, ADA has risen only 10%. A somewhat peculiar factor, since Cardano is usually the top performer when the cryptocurrency market is bullish.
However, prices have only increased from around $0.32 to reach the current price of $0.35. Indeed, ADA is approaching very strong resistance today. If Cardano can break $0.35 resistance and the cryptocurrency market continues to be bullish, we can expect Cardano to return to its bullish trend.
Indeed, we can expect not only an upward trend, but one that is also very strong. Bitcoin should be able to break through the $30,000 price and Ethereum its $2,000 resistance. In that case, Cardano should be able to explode and reach $0.40-$0.45 as a first step.
Latest news on Monero: South African court rejects former dev’s extradition appeal
Former Monero dev Riccardo Spagni, who was extradited by the United States from South Africa in July last year, has received a denial for his appeal to declare his extradition illegal.
According to local reports from South Africa, the country’s Supreme Court ruled that Spagni was unable to provide sufficient grounds for his request to invalidate the extradition process.
Previously, Spagni’s attorneys had opposed extradition, leaving the former Monero lead developer in a “foreclosure” status, meaning that through the court proceedings he agreed to voluntarily waive his right to challenge the process on his own, given that legal advice was made available to him.
Shortly before his extradition, Spagni filed a lawsuit with the SCA (Supreme Court of Appeals). The lawsuit, which was initially dismissed, stated a challenge to the process of the Western Cape High Court’s handling of the extradition hearing.
The challenge was mainly centered on the argument that the director of public prosecutions should not have submitted the extradition request in the first place.
However, the South African authorities declared his argument moot.
In addition, reports also indicated that Spagni’s trial will continue at the regional magistrate court in Cape Town.
Monero, like other crypto assets, has attracted the attention of regulators because of its potential use in illicit activities, tax evasion and money laundering.
However, there is no specific international policy or framework aimed exclusively at regulating projects like Monero.
In some countries, Monero and other privacy-focused crypto projects have been subject to stricter regulations, or have been removed from exchanges because of their privacy features, which make transactions difficult to track.
REN separates from the exchange, what happened?
Recently, addresses that contained thousands to millions of REN have been instrumental in raising the token price. While network growth has declined, investor sentiment has remained high.
Moreover, as many cryptocurrencies have continued to consolidate, Ren (REN) has gained massively. In fact, about three weeks ago, CoinMarketCap showed that the price of REN had risen 25.93% in 24 hours. As it reads:
🦈📈 #Ren has decoupled from the markets for a 2nd time this week (a 24-hour high of +20%), and there seems to be correlation with the asset's shark addresses holding 10K to 1M $REN. In the past day alone, they've collectively upped their bags by 4.73%. https://t.co/unSy1KWuI5 pic.twitter.com/HcJYMf3NCp
— Santiment (@santimentfeed) February 28, 2023
As a result of the price increase, REN’s trading volume has also increased. Normally, REN struggles to achieve a daily volume of hundreds of thousands. However, data in recent weeks put 24-hour trading volume at over $200 million.
The volume reflects the rate of investor participation in the market. Hence, the increase means that traders were confident of the REN trend and were jumping on the price increase. However, there was a downside in the Ren ecosystem, which failed to follow the direction of price and volume.
As we know, the growth of a network reveals the number of new addresses created daily on it.
As for Ren, the drop in metrics implied that most of the investors involved in REN trading were short- and long-term holders.