Despite the prevailing bearish sentiment in the cryptocurrency market, Bitcoin has struggled to maintain its value above the $60,000 mark. As a result, leading altcoins have also seen a decline, breaking through key support levels.
XRP and ADA have emerged as focal points amid the current market conditions, with questions like “XRP or ADA, Which will hit $1 first?” gaining traction.
Read on to explore the market and social sentiments, price analysis, and potential short-term price targets for Ripple (XRP) and Cardano (ADA) tokens.
XRP Price Hints At A Potential Breakdown?
While Ripple recently scored a legal victory against the SEC, its price has dropped by 7.57% in the past week and 12.89% in August. This trend signals growing uncertainty surrounding the altcoin.
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The Relative Strength Index (RSI) has remained near neutral on the 1D timeframe, with a flat average trendline indicating subdued buying and selling pressure for XRP.
Keeping the price above its support level could pave the way for XRP to target $0.630 in the coming weeks. Conversely, increased bearish pressure may push the price towards $0.4880.
ADA Coin Price Tests Its Crucial Support Zone
Cardano has seen a decline of around 2% in the past day and 11.48% over the week. With a 12.09% drop in August and a YTD return of -41.36%, the altcoin reflects a long-term bearish sentiment.
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The Moving Average Convergence Divergence (MACD) shows a downward trend in the green histogram, indicating a potential bearish convergence on the 1D timeframe. This suggests a negative outlook for ADA in the near future.
If market momentum picks up, Cardano could break out of its channel pattern and target $0.4075. However, continued bearish pressure could lead to a new yearly low for the altcoin.
