Ripple (XRP) and Cardano (ADA): Are Recoveries on the Horizon?
The post Ripple (XRP) and Cardano (ADA): Are Recoveries on the Horizon? appeared on BitcoinEthereumNews.com.
As Bitcoin (BTC) bulls fight to hold the line and prevent the king of the cryptocurrencies falling further, the altcoins are in an even more uncertain state. Heavily reliant on Bitcoin, all alts are looking to Bitcoin for their cue. $XRP and $ADA are positioned to complete their recoveries if $BTC gives the nod. $XRP holding horizontal support Source: TradingView Earlier on Thursday it had looked as though $XRP was about to fall to the next horizontal support level at $2.29. However, the bulls had other ideas, and as things stand the $XRP price is back at the $2.44 horizontal support where it might hold if things go well throughout the rest of Thursday. As can be seen in the chart above, the $XRP price did take a huge tumble last Friday. A massive 43% reversal actually forced the price down to a lower low. Nevertheless, the price has since recovered more than half of that loss, and should $XRP maintain at this level at the end of the day, a climb back to the descending trendline could be on the cards. A bounce for $XRP from here? Source: TradingView Having risen to the all-time high of $3.66 back in July, the $XRP price had become extremely overbought. Therefore these last few weeks of consolidation have been important. As it stands, the weekly chart looks fine for $XRP as long as the price holds above the $2.44 major support level. The Stochastic RSI indicators are nearly at the bottom. Look for a potential bounce from here. $ADA bulls attempt to flip resistances into supports Source: TradingView If $XRP took a big tumble last Friday, then $ADA took the dump of all dumps, finally reaching a $0.27 bottom that totalled 66% in all. That being said, the price has recovered sharply,…
