Monday, November 28, 2022

As Momentum Returns, Cardano and Ripple Target $1

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Key Takeaways

  • Cardano and Ripple have risen by more than 10% over the past week.
  • Their technical patterns point to further gains on the horizon.
  • If buy orders increase, ADA and XRP could both hit $1.

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Cardano and Ripple appear to be gaining significant bullish momentum. 

Cardano and Ripple Look Bound for Gains

Sidelined investors appear to be re-entering the market to buy Cardano and Ripple. 

Both ADA and XRP have been traction in tandem with the rest of the market lately, each surging by more than 10% in market value over the past week. The top 10 crypto assets breached critical resistance areas and now look bound for further gains. If buy orders continue to increase, both tokens could soon hit $1. 

From a technical perspective, Cardano has broken through the middle trendline of a descending parallel channel that developed on its three-day chart. Price history shows that ADA has risen toward the channel’s upper boundary every time it has hit the crucial hurdle since September 2021. 

Similar price action could result in an upswing to the pattern’s upper trendline at $1.

It is worth noting that Cardano must hold the channel’s middle trendline as support for the bullish outlook to be validated. Failing to hold above it could result in a pullback to the pattern’s lower edge at $0.75.

Cardano US Price Chart
Source: TradingView

Ripple also looks ready to break out as it has moved outside of the symmetrical triangle its price has been contained in on the daily chart since late December 2021. This consolidation pattern estimates that Ripple’s XRP has sliced through the $0.80 resistance level with the potential to rise by 39.5%. 

A spike in buying pressure around the current price levels could help validate the optimistic outlook, resulting in an upswing to $1.14. 

XRP Price Chart
Source: TradingView

Given the high volatility that XRP has experienced in the past, a daily candlestick close below $0.74 could invalidate the bullish thesis. Such market conditions could encourage investors to sell their holdings to avoid further losses. Increased selling pressure could then push prices toward the next critical support level at $0.60. 

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

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