Ripple (XRP) and Cardano (ADA) Short Term Forecasts!

Ripple (XRP) and Cardano (ADA) Short Term Forecasts!

With Bitcoin exceeding $ 41,000 again, the decline of altcoins was also prevented. Many altcoins had lost their support levels. So what awaits investors in the short term for XRP and ADA? We discuss the current price outlook and potential risks. Here are the levels that Ripple and Cardano can reach in the coming days.

Ripple (XRP) Comment

XRP price took a break from the prevailing downtrend as it surged from $0.68 to $0.72 over the past three days. XRP investors breathed a sigh of relief after a US court denied a request to protect internal documents related to a speech by William Hinman, the former director of the US Securities and Exchange Commission, in June 2018, in which he said Bitcoin and Ethereum are not securities.

To recap, in 2020, the SEC sued Ripple, a San Francisco payment services company, alleging that it and its directors, Brad Garlinghouse and Christian Larsen , engaged in illegal sale of securities via XRP tokens . But Hinman’s treatment of similar cryptocurrencies as utility tokens has led Ripple’s legal team to argue that the SEC is biased against XRP by treating it as a security token. Overall, the legal battle has limited XRP’s rise to date. For example, it remains the only cryptocurrency that failed to surpass its all-time high of $3 in 2018.

But while Ripple has made some gains against the SEC, analysts hope it will bring sustained buying momentum to the XRP market.

XRP consolidated in an ascending triangle between December 28, 2021 and April 4, 2022. Ascending triangles are considered continuation patterns as they are resolved after the price has broken in the direction of the previous trend. XRP broke down from the ascending triangle pattern on April 5, as shown in the chart below.

This brings XRP closer to the $0.5 target. The ceiling is at $0.82 and the potential bottom is at $0.32. Conversely, if XRP /USD stays above $0.69 as temporary support, a rebound to the 50-day simple moving average (50-day SMA; blue wave on chart above) near $0.78 in April is possible. Also, testing the 200-day EMA (orange wave) around $0.88 in Q2 will be the next target for the bulls.

Cardano (ADA)

The ADA price continues to stay below $1 at the time of writing and finds buyers at $ 0.96. Cardano ADA ) struggled to break through the $1 barrier on April 12, but the bulls were unsuccessful. This shows that the bears are trying to turn the $1 level into resistance.

The current correction could deepen if the price breaks down from the overhead resistance once again and stays below $0.91. In this scenario , ADA price will retreat to the $0.86 and $0.74 supports in the USD pair. The 20-day EMA ($1.04) is falling and the RSI is in negative territory, giving the bears an advantage.

This negative view will be invalidated in the short term if the price rises and breaks above the 20-day EMA. Such a move opens the door to a possible rally towards the overhead resistance at $1.26.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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