Amid growing bearish sentiment in the cryptocurrency market, Bitcoin price repeatedly failed to hold its value above the $60,000 level. Since then, leading altcoins have seen similar price action, breaking through their important support levels.
With the current market sentiment, cryptocurrencies XRP and ADA have attracted significant attention. After that, questions like “XRP or ADA, which will reach $1 first?” have become more voluminous.
Scroll down as we cover market and social sentiment, price analysis, and potential short-term price targets for cryptocurrency tokens Ripple (XRP) and Cardano (ADA) in this article.
XRP Price Hinting at Possible Crash?
Despite a remarkable victory over the Securities and Exchange Commission (SEC). The price of pulsation has fallen by 7.57% over the past week and by 12.89% during August. This indicates growing uncertainty for this altcoin in the crypto space.
The Relative Strength Index (RSI) continues to fluctuate around its neutral point in the 1D time frame. In addition, its average trend line is recording a constant flat line. This indicates weak buying and selling pressure on the Ripple price in the crypto market.
Holding the price above the support level could set the stage for a move of the XRP coin price towards the resistance level of $0.630 in the coming weeks. Conversely, increased bearish action could pull the price towards its low of $0.4880.
ADA Coin Price Tests Its Important Support Zone
The Cardano Price has been steadily losing momentum, falling about 2% in the last day and 11.48% in the last week. Moreover, it has fallen 12.09% during August and has a year-to-date return of -41.36%. This highlights the long-term bearish sentiment towards this altcoin.
The Moving Average Convergence Divergence (MACD) has shown a continuous decline in the green histogram, and its average values show a high probability of bearish convergence in the 1D time frame. This suggests a negative outlook for the ADA coin price in the near future.
If the market regains momentum, Cardano token will break out of its channel and prepare to test the $0.4075 resistance level. On the other hand, if bears continue to dominate the crypto space, this altcoin could record a new yearly low.