After displaying a bearish price action over the past month, the cryptocurrency market has kickstarted the month of July with a strong bullish jump. Moreover, top tokens have successfully surpassed their important levels, indicating a positive outlook in the coming time.
Moreover, XRP and ADA tokens have each recorded a jump of approximately 3% within the past day. However, investors are concerned about these altcoin’s future prospects and path of reclaiming the $1 mark this year.
Dive in as, in this article, we have covered the in-depth market sentiment and price analysis of Ripple (XRP) and Cardano (ADA) tokens and their potential roadmap of achieving the $1 mark.
Ripple Token Records Increased Bullish Sentiments:
The XRP coin price has continued to display a weak price action by constantly trading in a consolidated range. Moreover, the Ripple token has formed a descending channel pattern in its price chart, indicating uncertainty in future price action for this altcoin.
The technical indicator, RSI, displays a bullish curve in its price chart, suggesting an increase in the buying pressure for the XRP token in the crypto market. Moreover, the average has displayed a bullish crossover, suggesting the price will continue gaining value this week.
On the other hand, the Simple Moving Average (SMA) is on the verge of experiencing a positive crossover in the 1D time frame, suggesting a high possibility of bullish price action during the coming time.
If the market holds the XRP price above the support level of $0.480, the bulls will prepare to break out of its resistance trendline of the parallel channel pattern and head toward its high of $0.5340. However, in case of a bearish reversal, the Ripple price will drop toward its low of $0.420.
Cardano Price On The Verge Of A Major Breakout:
The Cardano token has displayed a bearish action since mid-March. However, with a jump of 3.86% within the past 24 hours and 6.75% over the past week. The ADA price is on the verge of testing its resistance trendline of the triangle pattern, the outcome of which is unpredictable.
The Relative Strength Index (RSI) displays a sharp rise toward the mid-point, highlighting increased bullish sentiment for the ADA crypto in the market. Furthermore, the average has recorded a bullish curve above the oversold range, indicating a positive outlook for the Cardano price this month.
Moreover, the technical indicator, SMA, has recorded a bullish convergence with respect to the price chart in the 1D time frame, suggesting increased bullish price action for the CardanoADA token in the cryptocurrency space.
If the ADA coin price breaks out of the triangle pattern, the bulls will prepare to test its upper resistance level of $0.6140. Negatively, if the bulls fail to surpass, the Cardano price will plunge toward its crucial support trendline.
XRP or ADA, which altcoin will hit $1 first?
With a trading price of $0.4796, the Ripple (XRP) token requires a surge of 108.26% to achieve the $1 mark. On the other hand, the Cardano (ADA) price at the time of writing was trading with a price tag of $0.3993 and required a surge of 150.43% to reclaim the $1 mark.
Considering the present market situation and historic price sentiment, it is highly unlikely for these altcoins to record a surge of over 100% in their respective portfolios over the next six months.
