Cryptocurrency Market Update: XRP and ADA Prices Facing Bearish Pressure
The cryptocurrency industry has been facing a tough time since the start of the month, with Bitcoin and other major altcoins experiencing a downward trend. Ripple’s XRP and Cardano’s ADA tokens are struggling to maintain their prices above key levels, raising concerns among investors about their future prospects.
XRP, in particular, is on the verge of testing a crucial support level at $0.4790, with the altcoin showing a strong bearish movement. The token has seen a correction of 3.5% in the past 24 hours and 20% over the past week, with a Year-to-Date return of -19.39%. Technical indicators suggest a bearish sentiment, with the possibility of a Death Cross looming in the 1D time frame.
On the other hand, ADA has broken down its important support level at $0.4660, with the price struggling to hold power. The altcoin had a positive start to the year but lost momentum at $0.80, resulting in a decline of over 71.5% in valuation. The token is currently hovering near its support/resistance level, with a YTD return of -21.45%.
Both XRP and ADA face uncertain future price actions, with the possibility of further declines if bearish sentiment continues. However, a bullish reversal could see the tokens testing higher resistance levels in the coming months. Investors will be closely watching to see if these altcoins can recover and reach the coveted $1 mark in the near future.
