The altcoins are picking up pace as Bitcoin shoots up with only 65 days left for the fourth halving event. In a space of gaining momentum, the top dogs like Cardano (ADA) and Ripple (XRP) are slowly taking the race more seriously.
Both altcoins are trading close to the 50-cent mark and offer a breakout entry as they conclude the pullback phase. Further, the ADA and XRP price charts display a volatile history filled with sharp moves and incidences of spikes on either side.
As the altcoin season is just around the corner, let’s look at the XRP or ADA price, which can hit $1 first in 2024.
The Death Cross In XRP Price Chart
With a bullish reversal in the daily chart, the XRP price fractures the overhead resistance trendline, thanks to a double bottom reversal. As the pullback phase concludes, the XRP price trades at $0.52307, with a 3.60% jump in the last three days.
Moreover, the bullish reversal has multiple overhead resistances besides the broken trendline. The breakout rally approaches the dynamic resistance of the 50-day EMA and the zone at $0.54.
Amidst such sluggish price performance, the XRP community calls for serious actions as the coin price struggles to bounce back.
Further, the long-term pullback phase leads to a death cross in the daily chart. However, the daily RSI line offers a huge bullish divergence look, signaling a potential reversal with a breakout shortly.
Also Read : Ripple vs SEC Outcome: Ben Armstrong Predicts $10 Million Settlement, Optimistic Outlook for XRP Price
Channel Breakout in ADA Price Chart
Contrary to the XRP price chart, the ADA price trend displays a strong breakout trend. As Cardano reverts from the 50% Fibonacci level, the altcoin concludes the pullback phase, leading to a channel breakout.
Further, the rise in trading volume supports the breakout trend. However, the supply pressure increased at the 23.60% Fibonacci level, teasing a tweezer top formation for a retest.
Comparing the prevailing trend, Cardano shows a bullish trend in contrast to the extremely volatile moves in XRP. Therefore, with the breakout rally and a prevailing uptrend, the chances of Cardano (ADA) reaching the $1 mark before Ripple (XRP) seem better.
