The cryptocurrency market experienced a massive bloodbath on Monday, with leading altcoins plummeting double digits in the indices. Fears of another slump have gripped the markets as billions worth of funds have been wiped away in just two days.
Leading altcoins such as Ripple’s XRP and Cardano’s ADA nosedived double digits, falling to their three-month lows.
Also Read: Shiba Inu’s Birthday Month: How Will SHIB Perform in August 2024?
XRP and ADA are among the hardest-hit assets in the cryptocurrency market, making investors skeptical about taking an entry position. While Ripple’s native cryptocurrency, XRP, is currently down 17%, Cardano’s ADA fell 18% in the 24-hour day trade.
XRP & ADA Price Forecast As the Cryptocurrency Market Dips
All leading indicators indicate a strong ‘sell’ option for Ripple’s native token, XRP, and Cardano’s native cryptocurrency, ADA. The latest technical analysis for XRP shows that it’s currently under bearish grips.
XRP is firmly in the bears’ grip, with 94% bearish and only 6% bullish. The general XRP price prediction sentiment currently remains bearish, with 29 technical indicators pointing towards a downturn.
Also Read: Top 2 Cryptocurrencies To Watch in August 2024
On the other hand, Cardano’s ADA is 78% bearish and 22% bullish in the technical pointers. ADA also signals a strong ‘sell’ option and could shed further value in the charts. XRP and ADA are in bear territory, and a quick recovery from here could be arduous.
The Daily Simple Moving Average (SMA), Daily Exponential Moving Average (EMA), Weekly Simple Moving Average (SMA), and Weekly Exponential Moving Average (EMA) all point toward the ‘sell’ option.
Also Read: BRICS: UBS Predicts the Future of the U.S. Dollar
Therefore, XRP and ADA will remain under pressure this month, leading to minor to no price spurts. The global economy remains under macroeconomic pressure as the market indicates a recession in the US. The global stock and cryptocurrency markets have been bleeding profusely since Friday, with no signs of a quick recovery.
Credit: Source link