Should We Expect Any Volatility in Cardano (ADA) and Ripple (XRP) Prices This Month?
The post Should We Expect Any Volatility in Cardano (ADA) and Ripple (XRP) Prices This Month? appeared first on Coinpedia Fintech News
In recent times, the crypto markets have been displaying significant volatility as the top token has displayed a giant move in the short term. The other altcoins, specifically the memecoins and some new tokens, have gained huge strength. However, popular ones like Cardano (ADA) & Ripple (XRP) have failed to attract volume. Due to this, the volatility has failed to a large extent, due to which the upcoming price action appears to be misty at the moment.
Now the question arises: is it a good time to buy XRP or ADA?
Cardano’s price has been displaying enough momentum ever since the token initiated a bullish rebound earlier. However, the trend remains within the ascending parallel channel and a continued bullish trend may elevate the levels close to $0.6. However, the draining volume has been the main concern as the technicals are about to go bullish.
The short-term ADA price action has had no major price movement in the past few weeks but the long-term price action shows the possibility of a bullish continuation. The MACD shows the weakening of the selling pressure, which may substantiate a bullish trajectory. Moreover, the RSI has also displayed a bullish divergence, but the volume displays no major change, suggesting the current consolidation may be prolonged. Besides, the XRP price also displays a similar action with fewer chances of a huge bullish push.
As seen in the above weekly chart, the XRP price is ranging high along the lower trend line. However, the recent pullback had dragged the levels below the trend line and after a brief accumulation, now it appears that the price may soon regain the levels but it could be a tedious job. The stochastic RSI has triggered a bullish crossover, but due to low volume, the impact of the rising RSI may be minimal.
Therefore, the Cardano (ADA) & Ripple (XRP) prices do show some bullish continuation but the pace remains quite low. This could only intensify when traders’ interest flows into the token in the coming days.
Filed under: Bitcoin - @ May 22, 2024 8:27 am