Price Analysis

Crypto Market Analysis Today: Is it Over for Cardano (ADA) & Ripple (XRP) Price?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Story Highlights
  • The fresh bearish action has hindered the progress of the rally which has circulated bearish sentiments across the markets

  • The altcoins, Cardano (ADA) & Ripple (XRP) which received a magnificent bullish push appear to erase the gains very soon

Cardano (ADA) Price Analysis

Cardano displayed a notable recovery in the past few days as the price underwent a parabolic recovery to gain the levels it traded before the market collapsed in November. However, after rising beyond $0.35, it was assumed the price may spike beyond $0.4 but the Genesis debacle could prevent a giant move towards the north. 

The ADA price accomplished the parabolic recovery and despite undergoing a minor correction to form a cup & handle pattern, it surged high to reach the interim resistance. Therefore, a rejection then appeared to be imminent that occurred in the past few days. Presently, the price is trading within crucial resistance-turned-to-support levels. If these levels are not held, then a significant plunge may drag the price close to $0.3 in the next few days. 

Ripple (XRP) Price Analysis

The Ripple price in the short term is displaying a sense of strength as the price levels hover within the same resistance and support levels. The recent rally did not amplify the price levels to a large extent as it did with the other altcoins. Therefore, the possibility of a rebound emerges as the bulls appear to hold notable strength to ignite a rebound.

Trading View

The XRP price is testing the crucial price levels at 200-day MA, clearing which may induce strong bullish momentum within the asset. However, the market sentiments have turned slightly beamish which may compel the price to drop below these levels. Therefore, if the Genesis fiasco impacts the crypto space to a large extent, then a plunge slightly below $0.34 can be expected, else the price may remain consolidated until the next move uplifts the price beyond the reach of the bears. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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