The market sentiments do not appear to have ever impacted the most popular altcoins, Ripple (XRP) and Cardano (ADA). The prices of both tokens have remained stuck around $0.5 for more than a month. Therefore, this raises the possibility of the tokens losing momentum, which may end up losing the support that they held tightly until now. Having said that, is it possible for XRP & ADA prices to reach $1 anytime in 2024?
Ripple prices are displaying more strength compared to Cardano but it continues to trade within the bearish range. Although the XRP price has regained value above $0.5, it continues its trade within a bearish pennant, circulating bearish clouds over the crypto. Initially, it was believed that the excessive consolidation may result in an excessive squeeze, which may further trigger a huge breakout.
However, the current trade set-up demonstrates passive behaviour by the bulls and less participation by the traders, which may result in a continuation of the sluggish trend.
The long-term chart displays that the XRP price slipped down the bullish range and is unable to regain the lost levels. The excessive consolidation has now raised the possibility of forming a bearish flag, which may result in another breakdown of the lower support close to $0.4. The RSI does not display any major variation, while the MACD is bearish, displaying negligible volume. This trade setup does not display any possibility of a bullish scenario but suggests a pullback or continuation of ongoing accumulation.
On the other hand, the price action of Cardano has been boring for the past few weeks, due to which the traders have exhibited disinterest in the token. Therefore, regaining momentum and reaching the milestone at $1 appears to be a tedious job for the ADA price rally.
The ADA price continues to consolidate along the ascending trend line, just below the 0.5 FIB level at $0.517. However, the on-balance volume, or OBV, is maintaining a steep bearish trend, which suggests, the token could maintain a descending trend hereafter. This may cause the price to slump below the trend line and reach a lower support below $0.4 if bulls continue to remain passive. The price has constantly failed to rise above the levels around $0.5 and it may begin with a fresh ascending trend only if these levels are broken.
Collectively, both tokens, which are quite sluggish at the moment, may continue to chop around the current levels until the trader’s attention does not draw back to XRP or ADA.
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