The Crypto markets during the past weekend sustained above their respective support levels, however, with the beginning of the fresh week trade, the asset plunged drastically. XRP price was unimpacted by the ongoing market trend as it was unable to achieve $0.4 levels.
On the other hand, Cardano‘s price had raised significantly to hit $0.55 and had also surpassed XRP for some time. Nevertheless, the bears quickly dragged both the assets, displaying their dominance over the bulls.
Cardano (ADA) Price in Deep Waters
Cardano’s price yet again faced a rejection above $0.5 for the second consecutive time and is expected to plunge below $0.45 to hit the lower support. Mainly due to the reason that the asset is being trading within a descending triangle ever since the May crash. Therefore, with the recent drop, the asset may find itself at the apex of the triangle, where-in the asset may hit the lower last point of defence.
After the second rejection from the upper resistance, it is pretty clear that the previous jump was just another fake upswing to trap the bulls. Therefore, the ADA price may drop down and as the monthly close is approaching fast, a bearish close may hamper the upcoming rally. In such a case, the ADA price may certainly not surpass XRP in the crypto ranking list.
Ripple (XRP) Price May Drop By Another 5% Ahead
Ripple price had daily bounced off the lower support in the last week and hence it was believed that the asset may surpass $0.4 in the coming days. However, the asset fell into a deep bearish divergence which may also compel the price to tank down below $0.3 soon.
The XRP price after rebounding from the neckline of the ‘H&S’ pattern displayed strength and the possibility of heading towards $0.4. However, the recent drop dragged the price close to the lower support levels, slicing through the neckline. Therefore, if the asset fails to hold & rebound here, it may soon visit the next and one of the important support zones. Here, if the asset fails, then it may also plunge below $0.3 levels too.
Collectively, Cardano & XRP are sinking in the same drowning ship and an intensified drain of XRP may allow ADA price to surpass Ripple to become the 7th largest asset. Until then, Ripple may continue its supremacy over Cardano with their respective market capitalization of $16.67 billion & $16.68 billion.