The crypto market had achieved the milestone of a $2 trillion market cap as Bitcoin prices soared above $52,000 and approached close to $53,000. This was when the Ripple (XRP) price headed close to $0.6, while the Cardano (ADA) price surpassed it and achieved $0.64. Further, both the tokens faced bearish heat, but the current trade setup suggests that XRP may reach a dollar much before ADA.
Cardano (ADA) Price Analysis
- The weekly chart of ADA price displays the token being at the neckline of a parabolic recovery after the 2021 bear market
- However, the token is facing immense trouble in rising above $0.68, which has become one of the crucial resistances to achieving
- The bears have managed to keep the price restricted throughout the week, but the upcoming weekly close may turn the tables for the token
- The StochRSI is flashing bullish signals, which may lift the levels above $0.9 initially and if the bulls manage to sustain at these levels, a rise beyond $1 could be possible somewhere by the end of Q3
Ripple (XRP) Price Analysis
- Being a little different from the ADA price, the XRP price has been displaying acute variations, trading within a rising parallel channel
- The rebound from the lower support suggests the resurgence of the bulls and if the volume supports, a huge god candle could form, heading towards the upper resistance of the channel
- The bullish StochRSI may certify the bullish rebound but the draining volume may raise some concerns
- Therefore, the XRP price is believed to maintain a consolidated upswing to reach $0.85, the upper resistance of the channel. If the bulls maintain some strength, then the possibility of reaching $1 may become stronger if the price rises beyond $0.95.
Credit: Source link
