The cryptocurrency market showed a significant upward trend, adding 5.10% to its market capitalization over the past day. Furthermore, the price of Bitcoin reached the $52,000 level for the first time in 26 months, indicating a strong bullish mood in the crypto industry.
Following the footsteps of the BTC price, the Ethereum token’s valuation increased by around 5% and managed to break through its key resistance level. Moreover, thanks to the recent pump, the cryptocurrency industry is on its way to claiming his $2 trillion mark soon.
Top altcoins such as Cardano (ADA) and Ripple (XRP) added more than 5% to the portfolio in the past 24 hours, with cumulative increases of around 7% and 12% over the past week.
Key resistances in the XRP price test:
Ripple price traded in a closed range between $0.5585 and $0.5836 for some time, after which bulls recorded a 9.58% increase. The bulls lost momentum in the face of a rejection at $0.6121 and experienced a pullback on the chart.
XRP price traded within a closed range for the next six days. As market volatility increased, the price recorded another correction of over 5%, after which XRP price traded sideways for a while. The bulls struggled to maintain the price above the support level, leading to a price breakdown.
Following this, the price of XRP coin briefly traded in the range of $0.4919 to $0.5385. After multiple attempts, the bulls recently broke through the resistance level, indicating a growing bullish mood in the crypto market.
The MACD has shown a significant increase, indicating increasing buying pressure within the market. Moreover, the average shows a steady increase, suggesting that prices will continue to rise this week.
If the bulls continue to gain momentum, the XRP coin price will test the $0.5836 ceiling this month. On the other hand, if a trend reversal occurs, the market will lose momentum and Ripple price will prepare to test the $0.5141 floor in the coming weeks.
Also Read: Bitcoin Price Prediction: BTC Price Expected to Reach $700,000, Crypto Expert Reveals Timeline
Cardano ADA price analysis:
Cardano ADA price showed a neutral trend for a while, but then the market volatility increased and the bulls soared over 22%, after which the price was rejected. After that, ADA price started trading under bearish influence and fell by about 26% over the next 12 days.
After that, the price remained flat for a while, but after multiple attempts, the bulls regained momentum and posted a 12.09% gain. As a result, the price has been trading in a consolidated range of $0.4756-$0.5331 for the next two weeks.
As market volatility increased, the bulls gained enough momentum to break through the resistance level, after which the price remained sideways for about a week. Recently, the bulls have regained momentum with an increase of over 5% and are on the verge of testing resistance levels.
The technical indicator MACD shows a decreasing green histogram, indicating a decrease in buying pressure within the market. Furthermore, the average shows a bearish curve, highlighting the uncertainty in the future price movement of the coin.
If the market pushes the price above the resistance level at $0.5834, the bulls will regain momentum and get ready to test the $0.640 ceiling in the coming weeks. On the other hand, if the bears overwhelm the bulls, the price will lose momentum and become ready to test the lows of $0.5331.
