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XRP and Cardano (ADA) have been drawing significant investor attention with their recent upward momentum, approaching the highly anticipated $1 psychological level. XRP’s surge in trading volume, alongside developments in the ongoing Ripple-SEC lawsuit, and ADA’s growing market interest point to a promising outlook for both tokens. Technical analyses also support long-term positive price expectations.
XRP and ADA’s Recent Performance and Market Impact
XRP and ADA have seen impressive gains recently, with XRP climbing 6% in the last 24 hours to reach $0.60, while ADA posted a striking 20% increase to match the same price level. As they approach $1, both tokens continue to attract interest across the crypto market. XRP’s 24-hour trading volume soared to $3.35 billion, signaling robust investor interest. XRP’s market cap is now at $34.38 billion, with a circulating supply of 56.87 billion tokens out of a max supply of 100 billion.
Technical indicators reveal a solid stance for XRP in the market. XRP’s Relative Strength Index (RSI) stands at 72.82, indicating an overbought condition, though the current momentum suggests this trend could continue. The MACD indicator also signals a bullish trend with widening lines between the MACD and signal line, supporting continued upward momentum.
ADA’s Impressive Momentum
Cardano (ADA) has similarly gained momentum, with its 24-hour trading volume reaching $4.35 billion and a market cap of $21.54 billion. ADA’s RSI is at 73.04, also placing it in the overbought zone, while its MACD shows a positive histogram, reinforcing an upward trend. The significant 67% increase in open interest for ADA in the derivatives market reflects strong investor expectations for ADA’s future performance.
External Factors and Legal Developments
In addition to market factors, external influences are impacting XRP and ADA’s growth. Donald Trump’s recent election as U.S. President has fostered a positive sentiment in the broader market. XRP’s price is closely linked to updates in the Ripple-SEC case, as the legal battle remains a key factor in its valuation. Additionally, ADA’s visibility has increased as Cardano founder Charles Hoskinson becomes more prominent in political and social discussions.
Derivatives Markets and Investor Sentiment
XRP and ADA are seeing increased activity in derivatives markets as well. XRP’s derivatives volume reached $2.92 billion, with short liquidations exceeding $3 million. ADA has shown a 468% rise in derivatives volume, with $10 million in short liquidations, indicating a tightening short squeeze and stronger bullish expectations. Major exchanges like Binance and OKX report XRP long/short ratios above 3:1, with ADA also seeing a strong preference for long positions.
Long-Term Price Forecasts
Technical analysis supports the long-term positive outlook for XRP and ADA. XRP is projected to trade between $0.535 and $0.636 by the end of 2024, with an average price of $0.586. By 2026, XRP may rise to $1.42. For ADA, price expectations are set between $0.348 and $0.418 in 2024, potentially reaching $1.32 by 2027.
