Ripple v Cardano: Can Assets Flip Weekly Numbers?

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As a researcher with experience in the crypto market, I’ve seen firsthand how volatile and unpredictable this space can be. This week’s market downturn was a stark reminder of that, as we witnessed significant losses across the board. Ripple (XRP) and Cardano (ADA), like many other assets, have felt the impact of these broader trends.

Enthusiasts of Ripple (XRP) and Cardano (ADA), despite recent market downturn, remain hopeful for price surges as the broader crypto market recovers. This week brought significant losses for assets, causing a drop in sentiment that led to continued outflows of Bitcoin (BTC) reaching monthly lows below $65,000. The bearish trend extended to altcoins and meme coins as a result.

The price of Ripple took a hit this week and dampened any hopes for a fresh surge. In contrast, upgrades to Cardano’s network sparked optimism among users prior to the broader market slump. Both cryptocurrencies anticipate greater demand during the market recovery; however, the upcoming bull run is unlikely to resemble the explosive growth seen in Q1 2024.

Ripple Sits in Daily Losses

At present, Ripple is priced around $0.487, marking a 0.56% decrease over the past 24 hours. Concurrently, there have been outflows for this asset, while other coins have seen positive price movements. Over the course of this week, XRP experienced significant losses and minor inflows totaling under 1%, with monthly departures amounting to 8%. Due to ongoing legal issues with the Securities and Exchange Commission (SEC) and other contributing factors, Ripple’s growth has been minimal in the year so far.

Bulls project the $1 mark for the asset on the next bull run but low sentiments and a poor run limits projections. XRP’s market cap is at $27 billion while daily trading volumes are down to $679 million, a 36% drop. On the other hand, Cardano notched inflows in the last 24 hours like other assets in the top 10 by market capitalization. ADA trades at $0.385, a 0.87% increase today but still on weekly outflows.

Ripple v Cardano: Can Assets Flip Weekly Numbers?

Last week, Cardano experienced a 6% drop, leading its monthly loss to reach 19.5%. The correction became more pronounced as a result. Similar to Ripple, the daily trading volumes saw a decrease of 4%, amounting to $267 million.

A Change of Fortunes?

Over the past day, the majority of cryptocurrencies have experienced modest increases, with Bitcoin approaching $65,000. Ripple and Cardano stand poised to advance further if the broader market rallies and investor sentiment shifts. Although reaching new all-time highs is still a distant prospect, these assets could surmount their immediate resistance levels during this quarter. Ultimately, the Federal Reserve’s interest rate decisions will significantly influence the future trajectory of both Ripple and Cardano.

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2024-06-22 19:04