Ripple (XRP) and Cardano (ADA) on the verge of breakout

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It seems like Ripple (XRP) and Cardano (ADA) are not just short-lived phenomena, as they’re getting close to significant milestones that could propel them to even higher peaks. These ‘dinosaur coins’ are approaching breakout points.

$XRP price at the descending trendline

The price of XRP (XRP/USDT) is nearly touching a downward trendline that follows a sequence of lower peaks. If the bulls of XRP successfully push the price above this trendline and there’s confirmation, get ready for the continuation of an impressive rally. Potential levels to reach include $2.51, $2.68, and the local peak at $2.90 if a breakout happens.

If the cost fails to follow the downward trendline, it might find support at approximately $2.28, which is the 0.382 Fibonacci level. A more substantial support lies around $1.96. To prevent the development of a descending triangle from continuing, buyers should aim to break out of this pattern as soon as possible.

Major horizontal support under the $XRP price

The weekly $XRP chart underscores the crucial role of significant horizontal support levels, which have remained steady following a price increase as early as April 2021. At the opposite end of the chart, the Stochastic RSI indicates a potential reversal upward. This reversal is essential for the continuation and possible further growth if this breakout is to take place.

$ADA breaking out right now

On the 4-hour chart for ADA (ADA/USDT), it’s clear that the effort to break through the significant resistance at $0.00001125 is ongoing. The downward sloping trendline appears to have been exceeded, indicating a potential shift in market direction. At this juncture, both bulls and bears are engaged in a battle to control the horizontal resistance level.

On the Stochastic RSI chart, there’s ample space for the indicator lines to climb, suggesting an increase in positive momentum. This could potentially mean that the bulls might prevail in this specific skirmish.

Much to do for $ADA bulls to reverse the downtrend

Looking at a broader weekly perspective, it appears that $ADA’s outlook isn’t particularly positive. Even if the bulls manage to breach the current resistance level, they will encounter another significant horizontal resistance at approximately $0.00001585. Overcoming this resistance is crucial for reversing the current downtrend.

At the chart’s base, you’ll find the weekly Stochastic RSI crossing upward again. This indicates a positive outlook, and if it holds, it could generate upward energy. Fingers crossed, this trend might persist up to the second significant resistance level for the optimistic investors.

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2025-01-07 15:04