The global market cap is squeezing heavily as it is approaching $1 and may even drop below these levels during the weekend. The trading volume of the entire crypto space has plunged by more than 36% in the past 24 hours, indicating the increased selling pressure over the crypto space. Furthermore, recent price action has dragged the top two altcoins, Cardano (ADA) and Ripple (XRP), to similar levels.
However, one among them is believed to remain under extreme bearish pressure, while the other may bounce off from the consolidation and rise high soon.
Cardano (ADA) Price Analysis
- Cardano (ADA) price has buckled up significantly since the start of 2023 and raised by more than 70%.
- The price has been experiencing significant bearish action in the past couple of days due to which the price has dropped notably
- However, market experts believe a notable recovery, but the trade set up for the token is bearish and flashes the possibility of a plunge to $0.3 levels
- The trend may remain bearish as the prices continued to rise in the times when RSI, the strength indicator formed constant lower highs and lows
Ripple (XRP) Price Analysis
- Ripple (XRP) price continues to trade within the symmetrical triangle and may approach the edge of the consolidation during the weekend
- The trend flashes bullish signals as the RSI is rising high along with the price due to which a rebound from the lower support
- The price after a rebound may test the peak of the consolidation, beyond which a breakout could be imminent
- With a breakout, the XRP price may rise beyond $0.4 and head toward $0.45 which could pave way for the price to test $0.5 by the end of the month
