Ripple (XRP) or Cardano (ADA), Which Crypto to Buy Today?
Amid intense bullish sentiment in the crypto market, the price of Bitcoin failed to hold above $60,000. Following this, major altcoins broke through important support levels and recorded similar price action.
In the current market sentiment, XRP and ADA cryptocurrencies have received a lot of attention. Following this, questions such as “XRP or ADA, which will bring in $1 first?” The type of question encountered increased volume.
Scroll down as we have covered the market and social sentiments, price analysis and short-term price targets of Ripple (XRP) and Cardano (ADA) crypto tokens in this article.
Could there be a price hint for XRP?
Despite a stunning victory against the Securities and Exchange Commission (SEC). The price of Ripple has decreased by 7.57% in the last week and by 12.89% in August. This shows uncertainty for this altcoin in the crypto space.
The Relative Strength Index (RSI) continues to hover close to the neutral point on the 1D time frame. In addition, the average trend line records a constant flat line. This indicates weak buying and selling pressure for the Ripple price in the crypto market.
Keeping the price above the support level, the price of the XRP coin may lead to the $0.630 resistance level in the coming weeks. On the contrary, a strong bearish action could take the price towards the low of $0.4880.
ADA coin price is testing the critical support zone
Cardano's price has steadily lost momentum, dropping roughly 2% over the past day and 11.48% over the past week. Moreover, it has declined 12.09% in August and its YTD return is -41.36%. This highlights the long-term bearish sentiment for this altcoin.
Moving Average Convergence Divergence (MACD) has shown a steady decline in the green histogram with the averages likely to be bearish in the 1D time frame. This indicates a negative outlook for the ADA coin price in the near future.
If the market recovers, the Cardano token will break out of the channel pattern and prepare to test the resistance level of $0.4075. On the flip side, if the bears continue to dominate the crypto space, this altcoin could register a new yearly low.
