The post Here’s What Next For Cardano (ADA) & Ripple (XRP) Price As Crypto Market Gains Momentum appeared first on Coinpedia Fintech News

The cryptocurrency market has displayed a significant uptrend over the past day by adding 5.10% to its market cap. Further, the price of Bitcoin achieved its $52,000 mark for the first time in 26 months, indicating a strong bullish sentiment in the crypto industry.

Following the BTC price‘s footsteps, the Ethereum token jumped approximately 5% in valuation and successfully broke out of its crucial resistance level. Moreover, with the recent pump, the crypto industry is on a path to claiming its $2 trillion mark shortly.

Top altcoins such as Cardano (ADA) and Ripple (XRP) have added over 5% to their portfolios over the past 24 hours and have cumulatively added approximately 7% and 12% over the past week.

XRP Price Testing It’s Major Resistance:

The Ripple price traded in a closed range between $0.5585 and $0.5836 for a while, following which the bulls recorded a jump of 9.58% in value. The bulls lost momentum after facing rejection at $0.6121 and experienced a pullback in the chart.

The XRP price traded in the closed range for the next six days. As the market volatility grew, the price recorded another correction of over 5%, after which the XRP price traded sideways for a while. The bulls struggled to hold the price above the support level, resulting in a price breakdown.

TradingView: XRP/USDT

Following this, the XRP coin price traded in a consolidated range between $0.4919 and $0.5385 for a brief period. After multiple attempts, the bulls recently broke out of the resistance level, indicating a rise in the bullish sentiment in the crypto market.

The MACD displays a significant rise, indicating an increased buying pressure within the market. Further, the averages show a constant rise, suggesting the price will continue gaining value this week.

If the bulls continue to gain momentum, the XRP coin price will test its upper level of $0.5836 this month. On the other hand, if a trend reversal occurs, the market will lose momentum, and the Ripple price will prepare to test its lower level of $0.5141 in the upcoming weeks.

Cardano ADA Price Analysis:

The Cardano ADA price displayed a neutral trend for a while, following which the market volatility increased and the bulls jumped over 22%, after which the price faced rejection. The ADA price then started trading under a bearish influence and lost approximately 26% over the next twelve days.

After this, the price traded sideways for a while, and after multiple attempts, the bulls regained momentum and recorded a jump of 12.09%. Following this, the price traded in a consolidated range between $0.4756 and $0.5331 for the next two weeks.

TradingView: ADA/USDT

As the market volatility grew, the bulls gained just enough momentum to break out of their resistance levels, following which the price traded sideways for about a week. Recently, the bulls regained momentum by adding over 5% and are on the verge of testing their resistance level.

The technical indicator, MACD, displays a decline in the green histogram, indicating a drop in the buying pressure within the market. Further, the averages show a bearish curve, highlighting an uncertainty in the future price action of the coin.

If the market pushes the price above the resistance level of $0.5834, the bulls will regain momentum and prepare to test its upper limit of $0.640 in the upcoming weeks. Conversely, if the bears overpowered the bulls, the price would lose momentum and prepare to test its low of $0.5331.

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Filed under: Bitcoin - @ February 15, 2024 7:17 am