As Bitcoin continues trading sideways, we turn our focus to the market situation of the cryptocurrencies Ripple (XRP) and Cardano (ADA).
Ripple (XRP)
Ripple is currently trading within a sideways channel, trapped between the support level of $0.440-$0.460 and the resistance level of $0.490-$0.500. If the ascending trend continues, buyers could potentially push the price into the $0.526-$0.546 range and approach the local high of $0.564.
The overall trend of the asset remains bearish. If the decline resumes (or if Bitcoin undergoes a correction), we can reasonably expect another test of the $0.410 low, along with lower supports from higher timeframes.
XRP chart on the H4 timeframe
Cardano (ADA)
Currently, Cardano is demonstrating a local upward trend, with buyers now exerting pressure on the resistance zone between $0.290 and $0.305. If this price range can't halt the bullish momentum, the next orders from sellers are likely to be met at price points of $0.323 and $0.347.
If the asset undergoes a correction, it may retest the existing support zone of $0.260-$0.273, challenge the resistance level of $0.252, and potentially dip into the wider range of $0.220-$0.240. Overall, the trend will continue to be bearish as long as ADA is trading below the $0.4 mark.
ADA chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
