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Cardano News Today: April 9th
Cardano witnessed some crucial developments in the last few days, accompanied by a significant pullback of its native token. In this post, we will delve into these recent occurrences and their potential implications for ADA’s price action.
Grayscale shows further support for Cardano
It is worth noting that Grayscale added Cardano to its Smart Contract Fund earlier this year. This investment vehicle provides accredited investors with indirect exposure to a diversified portfolio of cryptocurrencies linked to smart contract platforms. Recently, Grayscale rebalanced the fund, solidifying Cardano as its third-largest holding at 22.91%. Moreover, it surpasses Avalanche, Sui, and Polkadot, whose combined weight is approximately 17%.
Ripple partnership possibility
A recent video by Ripple’s CEO Brad Garlinghouse sparked community excitement about a potential collaboration with Cardano. The speculation stems from the short appearance of Cardano’s logo at the start of the clip, followed by discussions on tokenization and its progress in the coming years. This isn’t the first time rumors have emerged regarding a possible deal between the two entities. In the past, Charles Hoskinson, the founder of Cardano, hinted that his platform might integrate Ripple’s stablecoin, RLUSD, into its ecosystem.
He has also recently hinted at an upcoming collaboration between Cardano and Bitcoin, suggesting a demo integration could take place as early as next month.
ADA price outlook
As mentioned above, the cryptocurrency has experienced a significant pullback in recent days. Currently trading at approximately $0.56 (per data from [source]), it remains essential to monitor the asset’s movement closely.
Some users remain optimistic about the future of ADA, citing strong support levels on larger timeframes, including $0.55 and $0.52. Notably, one user emphasized the importance of patience in this situation, stating that they plan to buy and hold at these specific levels.
ETF approval odds head south
A crucial development that could potentially catalyze the price action for ADA is the approval of a spot ADA exchange-traded fund (ETF) in the United States. Earlier this year, Grayscale filed with the New York Stock Exchange (NYSE) to launch such a product. This ETF would enable investors to gain direct exposure to ADA without having to handle the complexities associated with owning and managing the cryptocurrency themselves. The approval must first be granted by the necessary regulators.
It is essential to monitor these odds closely; initially, they surged to 70% before the end of 2025. However, in recent weeks, optimism has begun to dwindle, and as of now, the chances stand at roughly 52% (based on data from Polymarket).
Source: https://cryptopotato.com/cardano-news-today-april-9th/
