Ripple (XRP) Looking More Bullish Than Cardano (ADA) Now

0
120


The war on cryptocurrencies continues, and this has been having a negative effect on the prices since May last year. We saw the latest bearish period end towards the end of January, and buyers have had a go in the previous weeks too, but they still remain uncertain, as politics tries to interfere with cryptos.

The Central Bank of Hungary has now called on EU countries to ban trading and mining of cryptocurrencies. The Bank of Russia, on the other hand, has announced its desire to reduce the involvement of citizens in cryptocurrencies, proposing also that the list of cryptocurrencies traded in Russia be limited. As a result, Cardano remains quite bearish, trading near the lows, while Ripple has been showing some bullish signs lately.

Ripple Daily Chart Analysis – XRP Consolidates Between two MAs

Ripple facing MAs above, as it turns bullish

Ripple coin has been bearish since May last year, making lower highs, while the rest of the crypto market kept making higher highs until November. The legal battle with the SEC has been weighing on the sentiment for XRP, which sent it below $0.60 in January, although the support zone around $0.60 held, and we saw a bullish move in the first week of January.

But the 100 daily SMA (green) turned into support at around $0.90, so the climb stopped there. However, the 50 SMA (yellow) has now turned into support on the daily chart. So, Ripple is holding onto its gains, consolidating around these moving averages, which is a positive signal, while most cryptocurrencies are facing the support levels once again. The lawsuit with the SEC is progressing in favor of Ripple, which is improving the sentiment, so Ripple is going to make some enormous gains when the lawsuit finally comes to an end, but until then, XRP traders will be cautious.

Cardano Daily Chart Analysis – Will the Support at $1 Hold Again?

The 50 SMA pushing ADA down

Cardano has been bearish since September, and it has remained so, as the highs get lower and the 50 SMA (yellow) keeps pushing the price down.  So, a triangle is forming on ADA/USD, with the $1 support holding while the 50 SMA keeps pushing down, and the trading range gets narrower.

Cardano has entered the DeFi scene after introducing smart contracts with the Alonzo upgrade in September, but it has failed to generate much interest. The first DEX SundaeSwap, which went live recently, had congestion issues, but Input Output announced a proposal to make Cardano more scalable by increasing the block size by 11%, which would enable more transactions to be recorded in a block.

ADA/USD





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here