The cryptocurrency market showed a significant upward trend over the past day by adding 5.10% to its market value. Moreover, Bitcoin price reached the $52,000 level for the first time in 26 months, indicating strong bullish sentiment in the cryptocurrency industry.
Following in the footsteps of BTC price, the Ethereum token jumped almost 5% in valuation and successfully broke through the crucial resistance level. Moreover, with the recent infusion, the cryptocurrency industry is on track to reach the $2 trillion mark soon.
Top altcoins like Cardano (ADA) and Ripple (XRP) have added more than 5% to their portfolios over the past 24 hours, and have cumulatively added nearly 7% and 12% over the past week.
XRP price test represents major resistance:
Ripple price traded in a closed range between $0.5585 and $0.5836 for a while, after which the bulls recorded a 9.58% jump in value. The bulls lost momentum after facing rejection at $0.6121 and saw a pullback in the chart.
The price of XRP traded in a closed range for the next six days. With increasing market volatility, the price recorded another correction of more than 5%, after which the XRP price traded sideways for a period of time. The bulls struggled to keep the price above the support level, causing the price to collapse.
After that, the price of XRP traded in a consolidated range between $0.4919 and $0.5385 for a brief period. After several attempts, the bulls recently broke through the resistance level, indicating rising bullish sentiment in the cryptocurrency market.
The MACD indicator is displaying a significant rise, indicating increased buying pressure within the market. Furthermore, the averages are showing a continued rise, indicating that the price will continue to gain value this week.
If the bulls continue to gain momentum, XRP price will test its upper level at $0.5836 this month. On the other hand, if a trend reversal occurs, the market will lose momentum, and Ripple price will prepare to test its lower level of $0.5141 in the coming weeks.
Read also: Bitcoin price prediction: BTC price is expected to reach $700,000, and a cryptocurrency expert reveals the timetable
Cardano ADA Price Analysis:
Cardano ADA price showed a neutral trend for a while, after which the market volatility increased and the bulls jumped more than 22%, after which the price faced rejection. ADA price then started trading under bearish influence and lost approximately 26% over the next twelve days.
After that, the price traded sideways for a while, and after multiple attempts, the bulls regained their momentum and recorded a jump of 12.09%. After that, the price traded in a consolidated range between $0.4756 and $0.5331 for the next two weeks.
As market volatility increased, the bulls gained enough momentum to break through the resistance levels, after which the price traded sideways for about a week. Recently, the bulls regained momentum by adding more than 5% and are about to test their resistance level.
The MACD technical indicator is showing a decline in the green histogram, indicating a decrease in buying pressure within the market. Moreover, the averages show a downward curve, highlighting the uncertainty in the future price movement of the currency.
If the market pushes the price above the $0.5834 resistance level, the bulls will regain momentum and prepare to test the upper limit of $0.640 in the coming weeks. Conversely, if the bulls outweigh the bulls, the price will lose momentum and prepare to test the low at $0.5331.
