Price Analysis

Ethereum Bulls Gear Up, Will Cardano(ADA) & Ripple(XRP) Price Rise?

Written by: Sahana Vibhute

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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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Aug 7, 2022

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Article Highlights
  • Ethereum appears to be poised to record a bullish weekly close as the bulls are well-positioned who may rise the price of ETH beyond the crucial resistance very soon

  • While the other popular cryptos within the top 10 crypto assets are still swinging within a very narrow margin, signalling the continuation of a sideway trend

Ethereum price is entering the crucial resistance zones in an attempt to close the weekly trade above $1800. As the traders appear to have switched to accumulation mode, the ETH price is expected to range beyond $2000 in the coming weekend. As per Glassnode, the addresses holding 100+ coins have reached a 15-month high of 45,168. 

The second-largest crypto witnessed a significant surge in buying pressure which raised the price by more than 8% and smashed the daily highs close to $1750. It appears that the ETH bulls may encounter selling pressure very soon and hence a drop of 6% to 8% could be fast approaching. This may offer the bulls an opportunity to jump in & rise the price closer to $2000 in no time. 

Cardano (ADA) Price Analysis

Cardano price is attempting very hard to lay down a bullish path towards $0.4 again, however, the shifting winds appear to be in favour of bears. Mainly due to the reason that ADA is forming constant lower lows ever since it began with the recovery from the June lows. 

The latest influx of liquidity resulted in an increment of 6% and moving forward, investors can expect an extension of the rally beyond $0.5 to hit $0.68. 

However, ADA price falls pray to the bears very quickly and if things move in favour of them, the price could again drop below $0.4 from the levels around $0.5 or above. In the short-term, no doubt the asset is bullish but in the longer term, the ADA price is still swinging within a descending triangle. 

Ripple (XRP) Price Analysis

Ripple price recently bounced indicating the bulls regaining dominance and not letting the bears walk free. The buying pressure appears to re-accumulate over the platform in the coming times which can clear the hurdle at $0.4. While the developments are coiling up, the upcoming weekend is expected to be intermedial. 

The asset recently attempted to clear the resistance at $0.38 but the lack of momentum resulted in a notable downswing in the asset. However, if the tide shifts in favour of Bitcoin bulls, then a notable chance of XRP price uplifting beyond $0.4 emerges which could escalate close to $0.5 by the end of the month. 

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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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