Optimistic technical indicators such as the Relative Strength Index (RSI) and moving averages are signaling a surge in investor interest, hinting at a potential rise in XRP’s value if it can hold steady above the $0.480 threshold.
Cardano’s ADA is displaying potential for a bullish breakout from its prolonged bearish phase since mid-March. The token’s recent approach to resistance levels within a triangular formation is supported by an uptick in trade volume and favorable technical indicators.
Following a month-long downtrend, the cryptocurrency market has kicked off July with a robust bullish wave. Leading cryptocurrencies have breached significant thresholds, painting a hopeful picture for the immediate future.
Both XRP and ADA have witnessed a near 3% uptick in the last 24 hours. Despite this, the investment community is cautiously watching these alternative coins, speculating on their ability to hit the coveted $1 milestone within the current year.
Market pundits have long considered the $1 mark a critical benchmark for XRP and ADA. However, both tokens are currently trailing below the halfway point to these aspirational targets. A closer look at their technical chart patterns may offer insights into their forthcoming trajectories.
**Ripple’s XRP Exhibits Bullish Trends**
XRP’s trading pattern has been lackluster, with prices hovering within a narrow band. Moreover, the Ripple token has developed a descending channel on its chart, casting doubt on its future price direction. Ripple’s XRP has been languishing below $0.50 for several weeks as the SEC vs Ripple case continues to unfold, as reported by Crypto News Flash.
The RSI is curving upwards on the chart, suggesting a growing appetite for XRP among crypto investors. Additionally, a bullish crossover in the moving average suggests that XRP’s price might climb further in the coming days.
The Simple Moving Average (SMA) is also poised for a bullish crossover on the daily chart, indicating a strong possibility of an upward price movement soon. Ripple’s ongoing legal battle with the US SEC could serve as a catalyst for XRP’s ascent to new heights, according to the CNF update.
Should the market sustain XRP’s price above the $0.480 support level, the bulls might gear up to breach the resistance trendline of the parallel channel pattern, targeting a high of $0.5340. On the flip side, a bearish reversal could see Ripple’s price dip to a low of $0.420.
**Cardano’s ADA Poised for a Breakthrough**
Cardano’s ADA has been mired in a bearish trend since mid-March but has recently shown signs of a turnaround. With a 3.86% rise in the past day and a 6.75% increase over the week, ADA’s price is inching towards the resistance trendline of its triangle pattern, leaving investors guessing about the next move. The CNF update suggests that the recent spike in trading volumes may bolster the bullish momentum.
The RSI for ADA is climbing towards the middle range, reflecting a growing bullish sentiment in the market. The average has also taken a bullish turn, rising above the oversold territory, which bodes well for Cardano’s prospects this month.
Moreover, the SMA has shown a bullish convergence on the daily chart, signaling a potential uptick in Cardano’s market value. Some analysts are even predicting a significant bullish run, with ADA’s price potentially reaching $24, as per the CNF update.
If ADA’s price breaks free from the triangle pattern, the bulls might set their sights on the upper resistance level of $0.6140. However, if they fail to clear this hurdle, Cardano’s price could retreat to its vital support trendline.
Currently, Ripple (XRP) is trading at $0.4796 and would need a 108.26% increase to hit the $1 mark. Cardano (ADA), with a trading price of $0.3993, requires a 150.43% surge to reach the same level.
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