Cardano Dusts XRP in Bullish Sentiment Poll, Charles Hoskinson Reacts

Cardano founder Charles Hoskinson has reacted to an ongoing poll by TheBlockchainMedia on X. According to the poll, the handle urged users to vote on which asset they consider most bullish from a list of four. The listed assets include Hedera (HBAR), Algorand (ALGO), XRP and Cardano (ADA).

ADA dominates poll despite recent price decline

At the time of Hoskinson’s response, the poll had received 7,027 votes, with 21 hours left for voting. Out of the votes cast, Cardano was leading with 3,880 votes, representing over 55% of user responses.

This indicates that crypto users consider Cardano the best chance of posting a bullish recovery on the crypto market. This is despite suffering a massive 12.6% decline in value in the last seven days and a 17.93% price drop in 30 days.

The votes suggest strong confidence and support for ADA despite its fluctuations on the crypto market.

Hoskinson considers the choices and its outcome a "nice poll." The Cardano founder’s short reply could mean he is proud of ADA’s performance and voters' sentiment toward the coin. It could also be his way of drawing more investor attention to the Cardano ecosystem.

Interestingly, XRP, which has shown huge resilience on the crypto market, has only gathered about 20% support with 1,419 votes.

Cardano price activity hints at recovery setup

As of press time, Cardano was trading at $0.6004 after shedding 1.96% of its value. Despite the price decline, trading volume has remained significantly high, at $780.16 million, by 29.07% in the last 24 hours.

Cardano price charts suggest that some holders are in a profit-taking mood and selling off their assets. However, this could benefit the coin. Once the sell-off causes the price to bottom out, ADA would have to begin its recovery journey.

This could catalyze a bullish rebound, as predicted by the ongoing poll. How ADA reacts on the crypto market will interest investors, particularly with the technical setup of Cardano’s Bollinger Bands.