Cardano and Ripple (XRP) Price Analysis: Which Altcoin Will Hit $2 First?
ADA has recently dipped into the red zone but is still holding steady above the $1 level. With a more than 50% increase in the last week, ADA is now setting its sights on the crucial $2 mark. Similarly, Ripple’s XRP has also seen impressive gains, currently trading at $1.46. The burning question now is: which of these two altcoins will reach $2 first?
The recent news of Gary Gensler stepping down from his position at the SEC has had a significant impact on the crypto market, especially for XRP and Cardano. This development is seen as positive for ADA, as Gensler’s SEC had previously classified several cryptocurrencies, including Cardano, as securities.
Cardano Price Forecast:
According to analyst Josh from Crypto World, Cardano’s price is breaking out above a crucial 50% Fibonacci retracement level that had previously acted as a resistance point. The recent breakthrough above $0.83 is a key level to monitor closely.
Upcoming Price Targets:
Golden Pocket Target: The next major hurdle for Cardano lies within the $1.13 to $1.22 range, known as the “Golden Pocket.” This zone is critical as it could either halt the price momentum or trigger a pullback.
78.6% Fibonacci Target: If Cardano manages to surpass the $1.22 to $1.23 range, the next significant target is around $1.76, indicated by the 78.6% Fibonacci retracement level. This level is crucial for sustaining upward movement.
Historical Performance:
Looking back at previous patterns, when Cardano was at a similar position on the chart, it saw substantial price surges, sometimes even reaching up to 400% gains against Bitcoin. This suggests that if Cardano continues to outshine Bitcoin, we could witness substantial growth for ADA in the foreseeable future, possibly extending into 2025.