Ripple (XRP) Leading Over Cardano To Claim $1, Will ADA Price Rebound?

The post Ripple (XRP) Leading Over Cardano To Claim $1, Will ADA Price Rebound? appeared first on Coinpedia Fintech News

With the price of Bitcoin hovering close to its $60,000 mark, top altcoins have recorded a neutral price action in their respective portfolios over the past two days. 

On the other hand, following the Ripple vs SEC hearing, the XRP price recorded a surge of over 20%, resulting in it reclaiming the $0.60 mark. However, the ADA price continues stumbling below the $0.40 level.

Dive in as, in this article, we have covered the market sentiments, price analysis, and short-term price targets of Ripple (XRP) and Cardano (ADA) tokens.

XRP Price Fails To Surpass Its Resistance Trendline:

Despite recording a correction of approximately 3% within the past day, the Ripple price has added 3.38% within the past week and 31.66% over the past 30 days. Further, with a price tag of $0.5875, the Ripple price has a market capitalization of $32.962 Billion.

TradingView: XRP/USDT

The Ripple token has formed a triangle pattern in the 1D time frame and continues to trade within it. Further, it has failed to surpass its resistance trendline, resulting in a price correction.

The MACD indicator has displayed a constant decline in the red histogram with its averages recording a high possibility of a bullish convergence. Moreover, the Relative Strength Index (RSI) has experienced a bullish recovery above its midpoint, indicating a positive outlook.

If the market regains momentum, the XRP price will retest its resistance level. Maintaining the price at that level will set the stage for the Ripple token to test its upper resistance level of $0.690. Conversely, a bearish action could pull the price toward its low of $0.4880.

ADA Coin Price Records Increased Price Action:

Amid increased price volatility in the crypto space, the ADA price has recorded a jump of over 2% within the past day with a trading volume of $219.867 Million, a change of -34.08%. With a market capitalization of $12.48 Billion, it has secured the 10th position.

TradingView: ADA/USDT

Furthermore, the Cardano price has formed a falling wedge pattern in the 1D time. Notably, the altcoin successfully retested its support trendline this week, resulting in a bullish recovery.

The technical indicators, MACD and RSI record a rise in the bullish price action. This highlights that the ADA crypto will trade under a bullish sentiment in the coming time.

If the bulls hold the price at that level, the Cardano token will prepare to test its upper resistance level of $0.50 this month. However, if the beard dominates the crypto space, the ADA price will plunge toward a new yearly low.