With the price of Bitcoin surpassing $52,000 and approaching $53,000, the cryptocurrency market has reached the milestone of a market capitalization of $2 trillion. This was when the price of Ripple (XRP) approached $0.6, while the price of Cardano (ADA) surpassed it and reached $0.64. Additionally, both tokens have faced weakness, but current trading setups suggest that XRP could reach the dollar well before ADA.
Cardano (ADA) Price Analysis
- The weekly chart of ADA price shows the token at the neckline of a parabolic recovery following the 2021 bear market.
- However, the token is having tremendous difficulty rising above $0.68, making it one of the key resistances to achieve.
- Bears have kept the price limited throughout the week, but the upcoming weekly close may change the price of the token.
- StochRSI is flashing bullish signals, which could initially lead to a rise above $0.9 and if the bulls maintain this level, a rise above $1 could be possible somewhere by the end of the third quarter.
Ripple (XRP) Price Analysis
- Slightly different from the ADA price, the XRP price traded within a parallel channel rising with sharp fluctuations.
- A bounce from the lower support area signals a resurgence of the bullish trend, and if volume supports it, a huge candlestick could form and head towards the upper resistance of the channel.
- A bullish StochRSI could prove a bullish bounce, but multiples may raise some concerns.
- Therefore, it is believed that the XRP price will maintain its consolidated upward trend to reach the channel’s upper resistance of $0.85. If the uptrend maintains some strength, the chances of reaching $1 could become even greater if the price rises above $0.95.