Which Altcoin Will Hit $1 in January 2024: Cardano (ADA) or Ripple (XRP)?

The post Which Altcoin Will Hit $1 in January 2024: Cardano (ADA) or Ripple (XRP)? appeared first on Coinpedia Fintech News

Cardano (ADA) Price Analysis

Cardano traded under the bearish influence for over 25 months and triggered a strong rebound at the beginning of Q4 2023. The extended squeeze that prevailed for a prolonged period may be the primary reason, as the bulls used their accumulated strength to lift the price by over 180%. Currently, the ADA price appears to be in a decisive phase where a bullish rebound may lay the foundation for a fresh upswing.

In the long term, Cardano’s price appears to be on track within a parabolic curve. The crypto, in its previous rally, underwent a parabolic recovery and marked new highs above $3 in August 2021. Since then, it has been maintaining a bearish trend. However, the recent rebound has displayed enough strength, and the recovery plot has been validated. Therefore, the price is believed to maintain a healthy upswing along the curve to form a new ATH somewhere during the end of Q3 2024 or in the first few weeks of Q4.

Ripple (XRP) Price Analysis

The market participants appear to have lost some attention over the crypto, as a massive variation in the volume has made the XRP price quite volatile. This has surprisingly held the levels within a narrow range, preventing the bears from taking over the rally. Now that bulls are trying hard to re-dominate the rally, a bullish upswing could probably compel the price to break out of the decisive pattern. 

The weekly chart of the XRP price suggests the bulls have held a larger dominance despite the interim bearish pressures. After trading within a symmetrical triangle for over 30 months, the price is consolidating firmly along the upper resistance of the triangle and above the 0.23 FIB level. The volatility is expected to be maintained within the prevailing levels and further witness a breakout. Therefore, the XRP price may continue to consolidate for another couple of months, beyond which a breakout may lead the price not only above $1 but close to its previous highs.