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July 19, 2024
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Cardano & XRP Sailing in Sinking Ship; Here’s What’s Next for ADA & XRP Price

The post Cardano & XRP Sailing in Sinking Ship; Here’s What’s Next for ADA & XRP Price appeared first on Coinpedia Fintech News

Crypto markets have experienced a huge lack of volatility for a prolonged period, which has compelled the majority of the tokens to trade within a narrow range. While some of the tokens have been trying hard to rebound from the bearish influence, Cardano and XRP continue to maintain a steep descending trend. 

Now the question arises: Do they appear to be at the foothills of an explosion or closer to triggering a fresh bearish wave?

The ADA price and the XRP price are not having the best times, as they have plunged by 4.83% and 2.85%, respectively, in the past 24 hours. While the global market cap has increased by 1.54%, it indicates that market sentiment is bullish. However, some of the fractals indicate a bullish reversal in the next few days that may offer a minor bullish push for ADA & XRP prices.

Cardano is facing immediate resistance at around $0.25, with support around $0.23. It’s worth noting that the current levels do not have the necessary volume. Moreover, the price, which was forming constant lower highs and lows, opted to trade sideways after the latest rebound. Now that the price continues to trade within the crucial support zone, the possibilities of a decent upswing emerge that may lift the price to the resistance of the descending parallel channel at 0.32 FIB levels at $0.258.

Besides, XRP, like ADA, has also been on a downward trajectory for some time.

The XRP price, after breaking down from the rising trend support line of the year, is facing immediate resistance at $0.5 with support at $0.45. Besides, the RSI is supporting a possible upward movement, while the MACD is closer to turning bearish as the buying volume has faded. Therefore, it may not be an easy task for the XRP price to reclaim its levels above the trend line, as a prolonged consolidation may hinder the progress of the rally. 

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