Since the month’s start, the cryptocurrency industry has continued to record a negative trend by trading under a strong bearish influence. Furthermore, the market leader, Bitcoin price, has experienced a correction of 12% in valuation within the past seven days with the top altcoins displaying a similar trend.
On the other hand, Ripple’s XRP and Cardano’s ADA tokens continue their struggle to hold the price above the $0.5 mark, highlighting a negative outlook for these altcoins in the coming time. With this, investors are concerned whether “Will XRP and ADA price ever reach $1?”.
XRP Price On The Verge Of Testing Its Crucial Support Level At $0.4790!
The XRP price has displayed a strong bearish price movement, resulting in its price falling toward its crucial support level. Moreover, the altcoin repeatedly fails to regain momentum, highlighting increased selling-over-buying pressure in the cryptocurrency market.
The XRP tokens have recorded a correction of 3.5% within the past 24 hours and approximately 20% over the past seven days. Further, the Year-to-Date (YTD) return of the Ripple token stands at -19.39%. Moreover, the Cross EMA 50/200-day displays a high possibility of a Death Cross in the 1D time frame, indicating a strong bearish sentiment.
The technical indicator, MACD, displays a constant red histogram, indicating a strong bearish influence in the crypto industry. Moreover, the averages show a significant drop in the chart, suggesting the price will continue losing momentum in the coming time.
If the market regains momentum following the Bitcoin Halving, the Ripple price will prepare to retest its upper resistance level of $0.64 during the upcoming month. However, a bearish price movement may result in the price testing its new low of $0.40 this year.
ADA Coin Price Breaks Down Its Important Level!
The Cardano price recently broke down its important support level at $0.4660 as the bulls constantly failed to hold power. The ADA coin price had started the year positively by adding over 71.5% in valuation. However, the bulls lost momentum at $0.80, following which the price lost all its gains.
The ADA price is currently hovering close to its support/resistance level of $0.466, indicating uncertainty in the future price action of this altcoin. Furthermore, the altcoin presently has a YTD return of -21.45% and a trading price of $0.4667 with a circulating supply of 31.615 Billion ADA tokens.
The Cardano token continues to display a negative histogram with its averages showing a constant decline in the chart. Moreover, the Cross EMA 50/200-day records a bearish curve, suggesting a negative price action for it during the upcoming weeks.
If the bears dominate the market, the price will continue bleeding and test its lower support level of $0.3480. However, a bullish reversal may push the price toward its upper resistance level of $0.80 by the end of Q2.