20 hours ago
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Ripple ($XRP) and Cardano ($ADA) are both undergoing a price renaissance, and are ranked 6 and 10 by market capitalization respectively. Will this positive price action continue?
Both Ripple ($XRP) and Cardano ($ADA) arguably have the biggest communities in the crypto sector. Some holders of these cryptocurrencies have backed them for years, and a sense of loyalty to their causes has meant that many have kept the faith.
$XRP bursts through long-time trendline
Source: TradingView
The weekly chart for $XRP (XRP/USD) does look promising. A trendline from one of the tops back in early 2018 bisects the local top made in April 2021 and has continued to the present day. It can be seen that the price has burst through the trendline, and looks to have confirmed the break.
The Stochastic RSI for the weekly is also looking positive, showing that there is still potentially a good deal of upside price momentum to come.
XRP/BTC horror show
Source: TradingView
However, if one looks at $XRP against its $BTC pair (XRP/BTC) a horror show of a chart can be seen. This displays a 95% loss in value against $BTC since mid-2017.
Turn-around in fortunes for $ADA bulls
Source: TradingView
The weekly $ADA (ADA/USD) chart is displaying a turn-around in fortunes for the 10th ranked cryptocurrency by market capitalization. A very important new local high has just been made, and it now remains for $ADA bulls to push the price higher before the indicators on the Stochastic RSI cross back down and signal that upside price momentum is at an end. That said, there is still no small matter of a 74% rise before $ADA can reach its all-time high.
Woeful story for (ADA/BTC)
Source: TradingView
Nevertheless, the (ADA/BTC) chart displays another woeful story. The $ADA price is down around 90% against its $BTC pair. With the Stochastic RSI soon to top, and the price having reached major resistance, even this obstacle might be a step too far for $ADA bulls.
In conclusion
There is a sense of community in the crypto space, and this is to be applauded, given how important cryptocurrencies are in the fight against centralised control by governments, corporations, and the banks.
However, community is one thing, but blindly hanging onto a cryptocurrency because of it, is another. Most right-thinking people are in crypto to protect their wealth. Therefore, what is the point of hanging onto assets that are generally only going down in value against Bitcoin?
That Bitcoin has a phenomenal use case is not disputed. Do $XRP and $ADA have use cases that are better? Doubtful. Food for thought.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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