Ripple ($XRP) and Cardano ($ADA) back from the dead – will they go higher?

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As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent price action of Ripple ($XRP) and Cardano ($ADA) has caught my attention. While both coins boast strong communities, it’s their performance on the charts that truly speaks volumes.

Ripple‘s digital token ($XRP) and Cardano‘s ($ADA) are experiencing a resurgence in value, currently placing them at the 6th and 10th positions in terms of market capitalization. The question remains: will this upward trend persist?

In the realm of cryptocurrency, it’s widely recognized that Ripple ($XRP) and Cardano ($ADA) boast some of the most substantial communities. These digital coin supporters have stood by these cryptos for years, fostering a strong sense of allegiance to their respective missions, which has resulted in many staying committed to them over time.

$XRP bursts through long-time trendline

The current weekly chart for $XRP (XRP/USD) appears encouraging. A line drawn from one of the peaks in early 2018 intersects the peak reached in April 2021 and extends to the present time. Notably, the price has broken through this line and seems to have verified the breach.

For the weekly chart, the Stochastic Relative Strength Index (RSI) indicates a favorable trend, suggesting there could be more room for the price to climb further due to persisting bullish momentum.

XRP/BTC horror show

Looking at the XRP/BTC pair, you’ll notice a disheartening chart showing that XRP has lost about 95% of its value compared to Bitcoin since mid-2017.

Turn-around in fortunes for $ADA bulls

The chart showing ADA’s performance against USD for the past week indicates a significant change in fortune for the 10th largest cryptocurrency by market capitalization. A fresh local peak has been achieved, and if the bulls continue to drive up the price, the Stochastic RSI may cross downward again, indicating that the upward price momentum could be coming to an end. However, it’s important to note that ADA needs to increase by approximately 74% more to reach its record high once more.

Woeful story for (ADA/BTC)

From my perspective as an analyst, the chart of ADA/BTC paints another disheartening tale. Currently, the value of ADA is approximately 90% lower than its BTC pair. As the Stochastic RSI approaches a peak and the price has already hit significant resistance, it seems that even this barrier could be an insurmountable challenge for the bulls of ADA.

In conclusion

The crypto world fosters a strong feeling of camaraderie, which is worthy of praise, considering that cryptocurrencies play a crucial role in challenging centralized authority, be it from governments, corporations, or financial institutions.

As an analyst, I find it crucial to emphasize that while being part of a community is significant, unquestioningly clinging to a cryptocurrency solely due to that association might not be advisable. The primary motivation for most individuals participating in crypto, including myself, is wealth preservation. Thus, the question arises: Why persist in holding assets whose value tends to decrease relative to Bitcoin? This question invites us to critically evaluate our investment strategies and seek out opportunities that align with our financial goals.

That Bitcoin has a phenomenal use case is not disputed. Do $XRP and $ADA have use cases that are better? Doubtful. Food for thought.

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2024-11-20 16:21