Bitcoin With only 65 days left until the fourth halving event, altcoins are also gaining momentum. Leading altcoins such as Cardano (ADA) and Ripple (XRP) are gaining momentum and slowly starting to join the race.
Both altcoins are trading close to the 50 cent level. In this context, it offers an exit entry as they complete the withdrawal phase. Additionally, ADA and XRP price charts show a volatile history full of sharp moves and sudden rises on both sides.
So, as altcoin season approaches, which one can reach $1 first in 2024?
Death Cross on XRP Price Chart
The XRP price, which is rising on the daily chart, manages to overcome the general resistance trend line by completing the double bottom formation. With the withdrawal period over, the XRP price is trading at $0.52307, increasing by 3.60% in the last three days.
Additionally, the bullish reversal has multiple overhead resistances as well as the broken trend line. The breakout rally is approaching the dynamic resistance of the 50-day EMA and the $0.54 zone.
In this environment of stagnant price performance, the XRP community is calling for drastic actions to turn around the price of the cryptocurrency. is located.
XRP Community Calls for Action Amid Token’s Sluggish Performance.
The XRP community mobilizes as prominent member Mack calls for action from Ripple’s leadership amidst concerns over the token’s sluggish performance.#XRP $XRP #Ripple https://t.co/ZRJgePsx9t
— 🇳🇱 MackAttackXRP® 🇳🇱 66K-XRP-Followers (@MackAttackXRP) February 10, 2024
Additionally, the long-term retracement phase leads to a death cross on the daily chart. However, the daily RSI line presents the appearance of a major bullish divergence, signaling a potential reversal with a breakout soon.
Channel Breakout on ADA Price Chart
Unlike the XRP price chart, ISLAND The price trend is showing a strong breakout trend. As Cardano rebounds from the 50% Fibonacci level, the altcoin completes its retracement phase, leading to a channel breakout. This indicates that ADA is in a strong uptrend and gaining potential momentum.
Additionally, the increase in trading volume further strengthens the breakout trend. However, supply pressure at the 23.60% Fibonacci level is increasing, creating a tweezer top formation for a retest.
Compared to the current trend, Cardano is showing a more stable uptrend, unlike XRP’s highly volatile movements. Therefore, with a breakout rally and a dominant uptrend, Cardano (ADA) looks more likely to reach the $1 mark before Ripple (XRP).
