XRP and ADA Price Analysis: Will These Altcoins Hit $1 This Month?

With the rising FUD for a global recession around the world, the cross-border markets have experienced a significant correction in their

Amidst the rising fears of a global recession, the cross-border markets experienced a significant correction in their respective portfolios. As a result, the market leader, Bitcoin, recorded a 24-hour low of $49,121.29.

This price action triggered a chain reaction among the top altcoins, causing them to plunge below their crucial support levels. Among these altcoins, Ripple’s XRP and Cardano’s ADA tokens experienced some of the steepest declines, leading to بازار crypto enthusiasts questioning whether XRP will ever reach $1 and which altcoin, XRP or ADA, will hit $1 first.

In this article, we will delve into the market sentiments, perform a price analysis, and identify the possible short-term price targets for Ripple (XRP) and Cardano (ADA).

Ripple (XRP) Price Action

Over the past week, the XRP price has undergone a significant correction of roughly 15%. With the recent market correction, this altcoin recorded a low of $0.4335, with a trading volume of over $3.55 Billion. However, the bulls managed to keep the XRP price above its crucial support, and at the time of writing, this altcoin trades at a price of $0.5119.

If we take a closer look at the technical indicators, the MACD showcases a sharp increase in the red histogram, indicating a rise in the selling pressure. Additionally, the averages display a continuous decline, hinting at a bearish outlook for the Ripple price this week.

The RSI, on the other hand, failed to cross its overbought range, with its average trendline displaying a bearish curve, highlighting the increasing selling pressure within the crypto market.

In the event that the market manages to sustain the XRP price above its support level of $0.4880, the bulls will prepare to test its upper resistance level of $0.630 this month. However, if the bears continue to dominate the market, the Ripple token will plunge toward its low of $0.420.

Cardano (ADA) Price Action

Continuing in the same vein, the ADA coin price also recorded a similar price action. Notably, this altcoin plunged approximately 20% within the past seven days and is currently valued at $0.3264, with a market capitalization of $11.731 Billion, indicating a change of +4.39% over the past 24 hours.

If we delve into the technical analysis, the Relative Strength Index (RSI) appears to be on the verge of crossing its oversold range in the 1D time frame. Furthermore, the MACD showcases a continuous increase in the red histogram with its averages displaying a bearish trend, hinting at a weak price action for this altcoin in the upcoming time.

If the bulls regain momentum, the ADA price will prepare to test its upper resistance level of $0.50 this month. However, in case of a bearish sentiment, the Cardano price could retest its low of $0.2410.

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