XRP and Cardano (ADA) are experiencing significant growth, with both tokens attracting strong market interest. XRP is currently priced at $0.60 after a nearly 6% increase over the past 24 hours, while Cardano (ADA) has risen by 20%, trading at $0.60. Both tokens are moving steadily toward the milestone of $1.
XRP Market Trends and Technical Analysis
XRP has seen an impressive daily trading volume of $3.35 billion, coupled with a market capitalization of $34.38 billion, indicating increasing investor interest. Currently, there are 56.87 billion XRP in circulation, with a maximum supply capped at 100 billion.
The Relative Strength Index (#RSI ) for XRP has reached 72.82, signaling an overbought condition. Despite this, strong bullish trends could sustain this elevated RSI for a while. The MACD indicator further confirms upward momentum, with a widening gap between the MACD line and the signal line. Derivatives trading in XRP has surged by 221%, highlighting increased speculative activity.
Bullish Sentiment and ADA Market Activity
Cardano (ADA) is similarly benefiting from the bullish market sentiment. Its daily trading volume has reached $4.35 billion, with a market cap of $21.54 billion. With 35 billion ADA tokens in circulation, ADA is attracting attention from both retail and institutional investors.
The RSI for ADA stands at 73.04, indicating an overbought market. ADA's MACD data supports the bullish trend seen in XRP, with a positive histogram and increasing divergence between the MACD and signal lines. The derivatives markets indicate that open interest in ADA has grown by 67%, reflecting strong price expectations.
Election Impact and Ripple vs. SEC Lawsuit
External factors, such as the recent election of Donald Trump, are contributing to these tokens' market momentum. XRP is particularly affected by the ongoing Ripple vs. SEC lawsuit, which remains a critical driver of price volatility. ADA is gaining more visibility, as founder Charles Hoskinson’s name frequently appears in political discussions related to the new U.S. administration.
Derivatives Markets and Sentiment
XRP and ADA are making waves in derivatives markets. XRP’s derivatives volume reached $2.92 billion, with over $3 million in short liquidations in the past 24 hours. ADA saw a 468% increase in derivatives volume, along with $10 million in short liquidations, indicating a sustained short squeeze and strengthening bullish narrative.
On platforms like Binance and OKX, both assets show a strong long bias. XRP’s long/short ratio exceeds 3:1, and ADA also displays a significant long skew.
Future Price Projections
According to Coin Edition’s technical analysis, XRP and ADA have promising long-term prospects, supported by market data and price forecasts.
For December 2024, XRP is projected to range between $0.535 and $0.636, with an average value of $0.586. By 2026, XRP could reach up to $1.42. ADA’s price is expected to be between $0.348 and $0.418 in December 2024, averaging $0.383. By 2027, ADA could trade as high as $1.32, with an average price around $1.14.
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