Market sentiment never seems to have affected the most popular altcoins Ripple (XRP) and Cardano (ADA). The prices of both the coins have been hovering around $0.5 for more than a month now. Hence, this increases the possibility of the coins losing momentum and may eventually lose the support that they have been holding on to so far. Having said that, is it possible that the prices of XRP and ADA could reach $1 anytime in 2024? Ripple price is showing stronger momentum compared to Cardano but it is still trading in a bearish range. Although XRP price has recovered above $0.5, it is still trading inside a bearish pennant with a bearish cloud hovering above the cryptocurrency. Initially, it was believed that the excessive consolidation could lead to an oversqueeze which could further spark a massive breakout.  But the current trading pattern shows a passive behavior of the bulls and low trader participation which could lead to the continuation of the subdued trend.

The long-term chart shows that XRP price broke out of the bullish range and could not recover the lost ground. The excessive consolidation has now increased the possibility of a bearish flag formation, which could result in another break below the lower support level near $0.4. The RSI is not showing any significant changes, while the MACD is bearish showing negligible trading volumes. This trading setup does not show the possibility of any bullish scenario but suggests a pullback or continuation of persistent accumulation.  On the other hand, the price action of Cardano has been lackluster over the past few weeks and hence traders are showing disinterest in the coin. Hence, it looks like a tough task for ADA price to regain momentum and reach the $1 milestone.

ADA price continues to consolidate along the uptrend line just below the 0.5 FIB level at $0.517. However, the On Balance Volume or OBV remains sharply bearish, which suggests that the coin may remain in a downtrend thereafter. If the bulls continue to remain passive, this could cause the price to break below the trendline and reach lower support levels below $0.4. The price has not been able to break out of levels around $0.5 and only if it breaks out of these levels, it might start a new uptrend.  Overall, both coins are currently quite subdued and may continue to fluctuate around the current levels until traders’ attention no longer shifts to XRP or ADA.

Market sentiment never seems to have affected the most popular altcoins Ripple (XRP) and Cardano (ADA). The prices of both the coins have been hovering around $0.5 for more than a month. Therefore, this increases the possibility that the coins lose momentum and may eventually lose the support that they have been holding on to so far. Having said that, is it possible that the price of XRP and ADA could reach $1 anytime in 2024?

Ripple price is showing stronger momentum compared to Cardano but is still trading in a bearish range. Although XRP price has recovered above $0.5, it is still trading inside a bearish pennant with a bearish cloud hovering above the cryptocurrency. Initially, it was believed that the excessive consolidation could lead to an oversqueeze which could further trigger a massive breakout.

However, the current trading pattern shows that bulls are more passive and traders’ participation is low, which may lead to the continuation of the downturn.

The long-term chart shows that XRP price broke out of the bullish range and could not recover the lost ground. The excessive consolidation has now increased the possibility of a bearish flag formation, which could result in another break below the lower support level near $0.4. The RSI is not showing any major changes while the MACD is bearish showing negligible trading volumes. This trading setup does not show the possibility of any bullish scenario but suggests a pullback or continuation of sustained accumulation.

On the other hand, Cardano’s price action has been lackluster over the past few weeks due to which traders are showing disinterest in the coin. Hence, it seems like a tough task for ADA price to regain momentum and reach the $1 milestone.

ADA price continues to consolidate along the uptrend line just below the 0.5 FIB level at $0.517. However, the On Balance Volume or OBV remains sharply bearish, which suggests that the coin might remain in a downtrend thereafter. If the bulls continue to remain passive, this could cause the price to break below the trendline and reach lower support levels below $0.4. The price has not been able to break above the levels around $0.5 and only if it breaks out of these levels, it might start a new uptrend.

Overall, both tokens are currently quite subdued and may continue to fluctuate around current levels until traders’ attention no longer shifts to XRP or ADA.