After a month-long bearish trend, the cryptocurrency market has made a significant bullish leap as July unfolds. Among the many altcoins experiencing this upsurge, Ripple’s XRP and Cardano’s ADA have caught the attention of investors and traders. Both coins have seen an approximate 3% jump within the last 24 hours, raising the question – which of these popular altcoins will hit the coveted $1 mark first?
Ripple’s XRP has been stuck in a consolidating phase, bound by a descending channel pattern that reveals uncertainty among investors regarding its future trajectory. However, the tide seems to be changing. The Relative Strength Index (RSI), a key indicator of buying pressure, has curved upward for XRP, hinting at a growing bullish sentiment. Furthermore, XRP’s Simple Moving Average (SMA) is on the cusp of a positive crossover on the 1D chart, often a sign that a rally might be on the horizon. For this potential upside to come to fruition, XRP needs to maintain its stance above the support level of $0.480 and break past the resistance trendline that could pave the way to its next target price of $0.5340.
On the other side, Cardano (ADA), after wading through bearish waters since mid-March, seems to be picking up steam. ADA has outperformed XRP slightly in the past 24 hours with a 3.86% increase, and a 6.75% jump over the last week. Similar to XRP, ADA’s RSI illustrates a rising bullish momentum, and the price average has sidestepped the oversold territory. With a bullish convergence etched on ADA’s SMA in the 1D time frame, the token’s price outlook appears optimistic.
Despite these positive indicators, the path to $1 is not a short one for either altcoin. XRP, currently priced at $0.4796, would need a surge of 108.26% to secure the $1 level. ADA, trading at $0.3993, requires an even more strenuous 150.43% climb to reach the same goal. Considering the current market context and historical price behaviors, achieving such a massive surge in the short term, particularly within the next six months, is deemed highly improbable by market analysts.
Investors are keenly monitoring the developments surrounding these two altcoins. The blockchain industry continues to evolve rapidly, and with further adoption and technological breakthroughs, the variables influencing this race to $1 could shift. For now, the market watches and waits, as XRP and ADA endeavor to capitalize on the recent bullish wave and edge closer to their next major price milestones.
