Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jul 20, 2024 13:55 UTC
- [article_wishlist article_id="329204" article_link="https://coinpedia.org/price-analysis/xrp-price-or-ada-price-which-altcoin-should-you-buy/"]
With the bull run beginning in the crypto market, the silent altcoins are now making massive upside waves. As the XRP and ADA price surge, the bull run in these altcoins is teasing a surge above the $1 milestone.
Currently, the XRP price is better performing than the Cardano(ADA) token and well above the 50 cents level. As the altcoin season is inching closer, let’s have a closer look at the XRP and ADA price analysis.
Breakout Rally For XRP Hits $0.60
In the past two weeks, the XRP price has showcased a remarkable recovery amid the broader market rally. From the $0.382 mark, the altcoin price rallied 56.8% to trade at $0.60, while the market cap surged to $33.6B.
The rising XRP price managed to reclaim the daily EMAs (20. 50, 100, and 200), indicating an early sign of bullish sentiment returning to this asset.
However, an analysis of the daily chart shows that the current recovery is still contributing to the formation of a symmetrical triangle. This chart pattern is known to drive a consolidation trend in an asset, causing the prevailing market trend to regain strength.
Thus, a bullish breakout in the altcoin will signal a bull run and bolster buyers to chase a potential target of $1.94.
ADA Price Stuck Below The 200D EMA
Amid the recent market recovery, the Cardano price correction formed a suitable bottom at $0.33. The renewed demand pressure uplifted the altcoin by 33.7%, causing it to trade at $0.44, while the market cap jumped to $15.8 billion.
The rising price managed to acquire the support of the 50D EMA and breach the downsloping trendline, which carried the prevailing correction. Sustaining this breakout will signal a change in market sentiment from selling on rallies to buying on dips.
With sustained buying, the ADA price surpasses the immediate resistance of 200D EMA and 50% Fibonacci retracement level around $0.558. Both these levels are crucial to signal trend reversal in the altcoin.
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