As the global market capitalization of the crypto space is hovering around $3 trillion, many assets are making huge moves. Bitcoin price & Ethereum price rallied to sit their respective highs in the early trading hours and led the crypto space on fire. And finally, the XRP and Cardano(ADA) price after a month-long wait broke out from the pattern.
Can Cardano (ADA) Price Make It To $3 Now?
The Cardano price ever since reached its peak just above $3, fell into a bearish trap. Despite multiple attempts, the asset could not leap above the resistance. However, as the market turned bullish, the ADA price geared up to break the pattern to rally towards the north. Yet the uptrend may be valid if the surge continues to hit the next resistance levels.
Slight relief is seen within the Cardano community as this time the asset has reacted towards the market sentiments. The price is flipping the bearish divergence and about to make a move towards the next resistance level at $2.6. These levels are pretty critical as a jump above these levels may only confirm an uptrend. Or else, the consolidation may continue to haunt the rally that may keep the price within a small range.
Once ADA price rallies above the crucial levels at $2.6, then the path towards the ATH could become pretty clear. However, trading within the discovery phase, the Cardano price may aim at $3.5 levels initially. Further, a higher range around $4 to $4.2 may be quite possible as the bull market intends to uplift the price of most assets.
XRP Price Gearing Momentum!
Ever since XRP price rallied to its yearly highs close to $2, the asset experienced a major pullback sliding below $1 too. Despite the fact that XRP rebounded well, yet the resistance levels kept on drowning from $1.5 to $1.1. However, the support levels remained ascending which kept up the bullish momentum within the price rally.
Similar to the Cardano price, XRP price also broke out from the symmetrical triangle, yet is experiencing a slight retest. Yet the asset may resume with an uptrend after a small consolidation. In such a case, the initial target at $1.6 needs to be tested and sliced through for a successful uptrend. Further, $2 can be imminent once the yearly highs at $1.9 are attainable.
Collectively, Cardano and XRP broke out from their respective patterns and climbed high in order to head towards their resistance levels. ADA price seems to be poised to retest its ATH while XRP price heads towards yearly highs. To maintain the current uptrend, both the assets need to sustain above these levels.
XRP Whale Moved $20 Million Coins Away from Exchange
XRP whale moves large funds volume in few hours amid global cryptocurrency market correction.
While the trading activity on the market plunges after a 10% correction, some whales have decided to move their XRP holdings away from various exchanges, which is considered a good signal for holders.
The set of similar transactions
According to the blockchain data, the anonymous wallet has moved approximately $20 million worth of XRP coins from Bitstamp exchange to the unknown wallet. The future of those coins remains undisclosed.
The wallet that received approximately 20 million coins is now holding a total of 51 million XRP. Previously, the same wallet moved to Bitstamp the same amount of coins but divided it into two transactions each worth 10 million coins.
The unknown wallet does seem to move large amounts of funds to the exchange and then withdraw almost the exact same amount of funds back. Some users suggested that the wallets are being used in a mixing scheme, which is considered illegal.
But the more likely outcome is that the wallet is officially tied to the Bitstamp exchange and is being used to either provide liquidity or as an exchange’s cold wallet. But at the same time, all wallets that are owned by exchanges should be labeled.
XRP’s performance during market dip
In comparison with other market performers, XRP followed the general trend by losing 10% of its value while recovering approximately 2% today. The more unfortunate fact for holders is that Ripple broke the two-month trend by dropping below the $1 mark. At press time, XRP is trading at $0.95.
XRP holds key support while indicators point to short-term recovery
- Ripple started a recovery wave above a key support level of $1.024.
- XRP price started an upside correction as indicators suggest a short-term recovery.
- The coin may initiate a fresh downtrend upon a breakout of the $1.024 support level.
XRP is in the process of forming a triple bottom price pattern boding more upside, for the pair priced against the US dollar., XRP price recently found support at the pattern’s base during the formation of the third bottom. Now, Ripple is at a crossroads – a spike in selling pressure may drive a bearish breakout, whilst technical indicators signal a bullish reversal. It all depends on whether or not a critical support level holds.
XRP rejected above the triple bottom at $1
XRP has found support above $1.024 and started a bullish recovery similar to peer altcoins. The XRP price has found footing at the $1.024 level for the third time making it a triple bottom pattern.
If there is increased demand at the current price level it will push the XRP price towards its double top level at $1.108. However, the 20 and 50-period exponential moving averages may act as minor hurdles at $1.076 and $1.108.
The MACD has closed the first histogram above the 0 mark, indicating a bullish reversal. While the RSI is still holding at 44, a crossover above 50 may encourage investors to go long. In that case, the XRP price might spike towards $1.165. Additional gains could lift the price towards the next key hurdles at $1.218 or $1.284
XRP 12-hourly chart – Triple bottom to drive uptrend
If XRP disappoints to start a new spike above the $1.081 level, it could extend losses. Initial support on the downside is near the $1.024 level.
The upward trend that started on September 21 also extends to significant support at the $1.024 mark. Therefore, a break below the $1.024 support level might push the price further down. The next critical support level is near $0.963, below which the price may fall to the $0.888 level.
XRP price consolidates as Ripple bulls eye a 15% run-up
- XRP price is hovering above the $1.01 support level, anticipating a potential retest before an upswing originates.
- A breakdown of this level could lead to a buy opportunity at $0.98 before Ripple rallies to $1.17.
- A daily close below the $0.92 foothold will invalidate the bullish thesis.
XRP price has been on a downtrend for roughly two weeks and shows that a short-term reversal could be near. Market participants need to watch for two immediate support levels that are likely to facilitate this bullish outlook.
XRP price to pull a 180
XRP price has dropped roughly 23% since November 10 to where it currently trades – $1.04. The downswing is likely to retest the $1.01 support floor formed by the November 18 swing low. This will create a triple tap setup, suggesting that a short-term reversal in momentum is likely.
In this scenario, the XRP price could attempt to retest the 50% retracement level at $1.17. This run-up would constitute a 15% ascent from $1.01.
While this scenario makes sense, a breakdown of the $1.01 support floor will suggest that a further downswing is possible. However, this move does not invalidate the bullish thesis but provides investors with a buy opportunity at $0.98. Investors can expect a bounce off this level to propel XRP price to the same level as before at $1.17. This move would constitute a 19% climb.
XRP/USDT 4-hour chart
While things are looking up for the remittance token, a breakdown of the $0.98 support level will create a lower low and invalidate the bullish thesis. This move would also suggest a weakness in buying pressure and set the stage for further losses. In this situation, market participants can expect XRP price to drop by about 6% to $0.92.