Cardano and Ripple’s Rallies Pause: Potential for Future Increases
Pause in ADA and XRP Rallies – The Best Time to Enter?
The recent rallies of Cardano (ADA) and Ripple (XRP) have taken a breather. Is now the right time to invest in these altcoins? Let’s take a closer look.
ADA and XRP Rallies on Hold
ADA and XRP recently experienced a surge, but it was not enough to trigger a bull trend. Following the approval of the Spot Bitcoin ETFs, both rose in the broader altcoin market. However, growth has slowed down in the last 24 hours. Is now the right time to invest in these altcoins?
Cardano and XRP – A Rally Pause
The analysis of Cardano’s daily timeframe shows a recent shift from downtrends to an uptrend that began on January 8. This upward movement paused briefly on January 9, but continued in the following days. On January 10, ADA recorded a notable increase of around 10.5%, marking the largest gain so far this year. In the last 24 hours, however, ADA has seen a decline of over 6% and is struggling to recover with a price increase of less than 1%, with trading at about $0.55.
RSI Remains Below Neutral Line
The Relative Strength Index (RSI) of ADA is below the neutral line, indicating a continuing bear trend. The same is true for XRP, whose RSI is also below the neutral line, thus signaling a continuing bear trend.
Funding Rates of Cardano and XRP
According to data from Coinglass, there has been no significant movement in the funding rates of Cardano and XRP recently. The most noticeable change in the funding rates for both assets was around January 3, when there was a flash crash in the market. The restrained movement in the funding rates suggests some caution or reticence among market participants.
Is Now the Right Time to Buy?
The observed price trends in Cardano and XRP suggest possible further increases in the coming weeks and months. In addition, the positioning of the RSI below the neutral line indicates that the bull trend has not yet been initiated. Considering these factors, purchasing these assets could be advantageous and potentially yield a return once the expected bull trend begins. Investors could find strategic opportunities in the current market conditions, with the expectation of benefiting from potential upward movements.
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Source: AMBCrypto
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