The cryptocurrency market has displayed a significant uptrend over the past day by adding 5.10% to its market cap. Further, the price of Bitcoin achieved its $52,000 mark for the first time in 26 months, indicating a strong bullish sentiment in the crypto industry.
Following the BTC price‘s footsteps, the Ethereum token jumped approximately 5% in valuation and successfully broke out of its crucial resistance level. Moreover, with the recent pump, the crypto industry is on a path to claiming its $2 trillion mark shortly.
Top altcoins such as Cardano (ADA) and Ripple (XRP) have added over 5% to their portfolios over the past 24 hours and have cumulatively added approximately 7% and 12% over the past week.
XRP Price Testing It’s Major Resistance:
The Ripple price traded in a closed range between $0.5585 and $0.5836 for a while, following which the bulls recorded a jump of 9.58% in value. The bulls lost momentum after facing rejection at $0.6121 and experienced a pullback in the chart.
The XRP price traded in the closed range for the next six days. As the market volatility grew, the price recorded another correction of over 5%, after which the XRP price traded sideways for a while. The bulls struggled to hold the price above the support level, resulting in a price breakdown.
Following this, the XRP coin price traded in a consolidated range between $0.4919 and $0.5385 for a brief period. After multiple attempts, the bulls recently broke out of the resistance level, indicating a rise in the bullish sentiment in the crypto market.
The MACD displays a significant rise, indicating an increased buying pressure within the market. Further, the averages show a constant rise, suggesting the price will continue gaining value this week.
If the bulls continue to gain momentum, the XRP coin price will test its upper level of $0.5836 this month. On the other hand, if a trend reversal occurs, the market will lose momentum, and the Ripple price will prepare to test its lower level of $0.5141 in the upcoming weeks.
Cardano ADA Price Analysis:
The Cardano ADA price displayed a neutral trend for a while, following which the market volatility increased and the bulls jumped over 22%, after which the price faced rejection. The ADA price then started trading under a bearish influence and lost approximately 26% over the next twelve days.
After this, the price traded sideways for a while, and after multiple attempts, the bulls regained momentum and recorded a jump of 12.09%. Following this, the price traded in a consolidated range between $0.4756 and $0.5331 for the next two weeks.
As the market volatility grew, the bulls gained just enough momentum to break out of their resistance levels, following which the price traded sideways for about a week. Recently, the bulls regained momentum by adding over 5% and are on the verge of testing their resistance level.
The technical indicator, MACD, displays a decline in the green histogram, indicating a drop in the buying pressure within the market. Further, the averages show a bearish curve, highlighting an uncertainty in the future price action of the coin.
If the market pushes the price above the resistance level of $0.5834, the bulls will regain momentum and prepare to test its upper limit of $0.640 in the upcoming weeks. Conversely, if the bears overpowered the bulls, the price would lose momentum and prepare to test its low of $0.5331.