Predicting an Altcoin Rally
Dan Gambardello, the Founder of Crypto Capital Venture, predicts a significant rally in altcoins like Cardano’s ADA. He believes this rally will be linked to the outcome of Coinbase’s case against the SEC. The SEC sued Coinbase last summer, accusing the company of breaching laws and offering trading services with unregistered securities.
A Crucial Court Hearing
A court hearing between Coinbase and the SEC is scheduled for January 17, 2024. This hearing is considered highly significant for the crypto industry. During the hearing, Coinbase will present its motion to dismiss the charges. Gambardello points out that XRP experienced a price surge when a judge ruled in favor of Ripple in a similar case, and he predicts that Cardano’s ADA could see similar gains if Coinbase wins its case.
Four Possible Scenarios
American lawyer James Murphy, known as MetaLawMan on Twitter, discusses four possible scenarios for the upcoming hearing. One of these scenarios includes granting Coinbase’s motion “with prejudice,” resulting in a dismissal of the case. Murphy suggests that while the judge is unlikely to rule during the hearing, she may provide hints through her questioning.
John E Deaton, an attorney representing XRP investors in a lawsuit against the SEC, has previously stated that Coinbase has a high chance of securing victory at both the District Court and Supreme Court levels.
Hot Take: Altcoin Rally on the Horizon?
The outcome of Coinbase’s case against the SEC could have significant implications for altcoins like Cardano’s ADA. If Coinbase emerges victorious in its motion to dismiss the charges, it is possible that altcoins could experience a rally similar to what was seen with XRP. This milestone court hearing on January 17, 2024, has the potential to shape the future of the crypto industry and may provide insights into the regulatory landscape for altcoins.
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