Following the excessive level of revenue taking last week, several big cap crypto assets are being exchanged at a loss, according to a tweet sent yesterday by the blockchain analytics firm Santiment. According to the post, Cardano (ADA) and Ripple (XRP) are seeing especially high levels of sell volume at lower prices, which the company projected would boost the likelihood of positive rebounds for both cryptocurrencies.
As of the time of publication, CoinMarketCap showed that ADA saw a 24-hour gain while XRP’s value hardly decreased. ADA was buying and selling at $0.2833 after seeing a 0.61% increase in value from the previous day. Along with gaining ground against the US dollar, ADA also outpaced the two market leaders Bitcoin (BTC) and Ethereum (ETH).
But on the previous day, the value of XRP fell by 0.60%. As a result, the remittance token was now valued $0.4673 at the time of publication. Additionally, the altcoin declined against BTC and ETH, falling 0.73% against BTC and 0.89% against the most significant altcoin by market size.
After being able to cross over the technical indicator earlier in the current trading session, ADA was trading below the 9-day EMA line. If ADA closes today’s daily candle above the 9-day and 20-day EMA lines, it might increase to $0.3079 within the following several days. On the other hand, if ADA closes today under the 9-day EMA line, it might go as low as $0.2748.
Technical signals on the daily chart of XRP suggested that within the next 24-48 hours, the price of the cryptocurrency might fall to the $0.4436 support level. First, after printing lower highs during the previous month, a bearish descending triangle sample has formed on the daily chart of XRP.
Second, on Wednesday, the 20-day EMA line had crossed bearishly beneath the 50-day EMA line, indicating that a medium-term bearish pattern had already begun for XRP. However, the negative thesis might be refuted and XRP could rise to $0.4972 in the coming days if its value is able to hold above the crucial support level at $0.4610 over the ensuing week.
