Let's see if Ripple can keep the bullish momentum tomorrow

Ripple, Cardano Forecast – XRP, ADA Try to Resume the Uptrend

Posted Wednesday, November 3, 2021 by
Skerdian Meta • 2 min read

Cardano (ADA) has been one of the weakest cryptocurrencies since early September, declining for two months, while Ripple (XRP) has also been weak. They missed out on the bullish momentum in the crypto market during October, but are giving some positive signs today, so let’s have a look at these two digital coins.

Ripple Daily Chart Analysis – XRP/USD Pops and Drops

XRP/USD is losing all of today’s gains, as it retreats down 

Ripple coin made some decent gains during the bullish reversal in the crypto market in August, despite the continuing and exhausting legal battle with the Securities and Exchange Commission (SEC) in the US. But, it hasn’t been able to raise its head since the crash in September, while some other cryptos have absolutely surged, especially in October.

XRP/USD was mainly bearish in October, but at least the 100 SMA (green) held as support. Although the pace faded pretty quickly after the last bounce off the 100 SMA, today we saw another bounce, which took the price from $1.13 to $1.23

Ripple Coin XRP Live Chart

XRP/USD

There have been some developments for Ripple, with the Saudi Arabia British Bank (SABB) launching an instant cross-border transfer service for the US corridor through the blockchain payment technology powered by Ripple. This expands Ripple’s remittance services to the middle east. Besides that, there was a court ruling that could send the case further in Ripple’s favour, which helped improve the sentiment. But XRP/USD has given back most of the gains now, so let’s see if Ripple keeps the recent bullish momentum going or fades again.

Cardano Daily Chart Analysis – Can ADA Overtake the 50 SMA?

Cardano has seen a lot of activity in recent months. The Alonzo upgrade went live in September and the founder, Charles Hoskinson, said yesterday that the layer-2 solution, Hydra, is going very well, and Cardano has over 2 million ADA wallets. Besides that, institutional investment flows in Cardano hit $5 million last week, which signals a rise in demand for ADA.

 

The 50 SMA stands as resistance

But that hasn’t helped ADA/USD raise its head, and it continues to slide. The price fell below the 20 SMA (gray) and the 50 SMA (yellow) on the daily chart, which have now turned into resistance for this cryptocurrency. At least, the 200 SMA (purple) has turned into support on the daily chart.

Today we saw a jump from $1.95 to $2.15, but the 50 SMA stopped the pop, and now the price has retreated lower. So, the line in the sand is clear here: if ADA/USD were to move above 50 SMA, that would be the beginning of the trend reversal, otherwise, it will remain bearish below that moving average.

Cardano Coin ADA Live Chart

ADA/USD
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