While the Bitcoin price is oscillating near the $60,000 mark, the top altcoins in their respective portfolios have seen neutral price action over the past two days.
On the other hand, after the Ripple vs. SEC hearing, the XRP price saw a surge of over 20%, which led it to reclaim the $0.60 mark. However, the ADA price continues to stumble below the $0.40 mark.
Dive in as in this article, we have covered the market sentiment, price analysis, and short-term price targets of the tokens Ripple (XRP) and Cardano (ADA).
XRP price fails to overcome its resistance trend line:
Although Ripple price has seen a correction of about 3% in the past day, it is up 3.38% in the past week and 31.66% in the past 30 days. Moreover, with a price of $0.5875, Ripple price has a market capitalization of $32.962 billion.
The Ripple token has formed a triangle pattern on the 1D time frame and continues to trade within this pattern. Moreover, it failed to overcome its resistance trend line, resulting in a price correction.
The MACD indicator has shown a steady decline in the red histogram, with its averages showing a high probability of bullish convergence. Furthermore, the Relative Strength Index (RSI) has seen a bullish recovery above its midpoint, suggesting a positive outlook.
If the market regains momentum, the XRP price will retest its resistance level. If the price sustains at this level, it will set the stage for the Ripple token to test its overhead resistance level of $0.690. Conversely, a bearish action could pull the price towards its low of $0.4880.
ADA coin price records rising price trend:
Amidst increasing price volatility in the crypto space, ADA price recorded a jump of over 2% in the past day with a trading volume of $219.867 million, a change of -34.08%, securing the 10th spot with a market capitalization of $12.48 billion.
Moreover, the Cardano price has formed a falling wedge pattern on the 1D timeframe. Notably, the altcoin successfully retested its support trend line this week, resulting in a bullish recovery.
The technical indicators MACD and RSI are recording a rise in bullish price action. This shows that the ADA cryptocurrency will trade under a bullish sentiment in the coming period.
If the bulls sustain the price at this level, the Cardano token will prepare to test its upper resistance level of $0.50 this month. However, if the bulls dominate the crypto space, the ADA price will fall to a new yearly low.
