ADA vs XRP: Which altcoin will bear the brunt of market pressure?
The global market capitalization is declining as it approaches $1 and may even fall below these levels during the weekend. The trading volume of the entire crypto space has fallen by more than 36% in the last 24 hours, which shows the increasing selling pressure on the crypto space. Moreover, the recent price action has dragged the top two altcoins, Cardano (ADA) and Ripple (XRP) towards similar levels.
However, one of them is believed to remain under extreme bearish pressure, while the other may bounce off the consolidation and move higher soon.
Cardano (ADA) Price AnalysisCardano (ADA) price has seen a significant increase since the beginning of 2023 and is up by over 70%. The price has been facing significant bearish action over the past few days, which has led to a significant drop in the price, however, market experts believe a notable recovery, but bearish trading set up for the coin. And shows the possibility of a drop to the level of $0.3. The trend could be bearish as the price continued to rise while the RSI strength indicator formed consecutive lower highs and lows (XRP). value analysisRipple (XRP) price continues to trade inside a symmetrical triangle and may reach the edge of consolidation during the weekend. The trend is showing bullish signals as the RSI is moving higher along with the price due to which a rebound from the lower support after which the price may test the peak of the rebound consolidation, beyond which a breakout may be imminent with a breakout , XRP price may move above $0.4 and move towards $0.45 which may pave the way for the price to test $0.5 by the end of the month.