In the midst of intense bearish pressures in the cryptocurrency markets, both Cardano (ADA) and Ripple (XRP) are exhibiting remarkable strength, suggesting a potential bullish trajectory as the new year approaches.
Cardano (ADA) Resilience and Potential for a Fresh Upswing
After enduring a bearish phase that extended for over 25 months, Cardano triggered a robust rebound at the beginning of Q4 2023. The extended squeeze during the prolonged bear market is seen as a primary catalyst for the recent bullish momentum, leading to an impressive surge of over 180%. The ADA price is currently at a crucial juncture, indicating the possibility of a bullish rebound that could set the stage for a renewed upswing.
In the long term, Cardano’s price trajectory appears to be following a parabolic curve. Previous rallies have seen Cardano undergo parabolic recoveries, reaching new highs above $3 in August 2021. The recent rebound has demonstrated significant strength, validating the potential for a sustained upward movement. Analysts anticipate a healthy upswing along the parabolic curve, with expectations of a new all-time high (ATH) by the end of Q3 2024 or the first weeks of Q4.
Ripple (XRP) Price Analysis: Consolidation and Breakout Expectations
Ripple’s XRP has experienced a notable variation in volume, introducing volatility to the price. Despite the market’s attention waning, a consistent level of volume has kept XRP within a narrow range, preventing bears from dominating the rally. Bulls are now actively working to regain control, signaling the potential for a bullish upswing that could lead to a breakout from the current decisive pattern.
The weekly chart of XRP price reveals a dominant stance by bulls despite intermittent bearish pressures. Trading within a symmetrical triangle for over 30 months, the price is consolidating firmly along the upper resistance of the triangle and above the 0.23 Fibonacci retracement level. The ongoing consolidation is expected to persist for the next couple of months, after which a breakout could propel the XRP price not only above $1 but also close to its previous highs.
As Cardano and Ripple demonstrate resilience in the face of market challenges, investors are closely monitoring these developments, anticipating a potential bullish momentum as the crypto landscape evolves in 2024.