XRP and ADA Target $1: Market Trends, Analysis, and Key Drivers

XRP and Cardano (ADA) are gaining momentum, with both tokens experiencing significant market activity. XRP is priced at $0.60 after an almost 6% rise in the last 24 hours, while Cardano (ADA) has surged by 20%, trading at $0.60. Both tokens are drawing increased trader interest as they edge closer to breaching the $1 milestone.

XRP Market Trends and Technical Indicators

XRP has seen an impressive 24-hour trading volume of $3.35 billion. This volume surge, coupled with a market cap of $34.38 billion, highlights robust investor interest. The circulating supply of XRP stands at 56.87 billion coins, with a maximum supply capped at 100 billion.

XRP’s Relative Strength Index (RSI) is at 72.82, indicating an overbought status. However, strong bullish trends could sustain this elevated RSI for a while. The MACD indicator further confirms bullish momentum, with a widening gap between the MACD line and the signal line. Additionally, derivatives trading for XRP has surged by 221%, reflecting increased speculative activity.

ADA’s Bullish Momentum and Market Activity

Cardano (ADA) is similarly riding a wave of bullish sentiment. Its 24-hour trading volume has climbed to $4.35 billion, paired with a market cap of $21.54 billion. With a circulating supply of 35 billion ADA coins, the token is drawing both retail and institutional attention.

ADA’s RSI stands at 73.04, signaling an overbought market. Nonetheless, the token’s MACD data mirrors XRP’s bullish trend, with a positive histogram and a growing divergence between MACD and signal lines. Derivatives markets show ADA’s open interest surging by 67%, pointing to strong price expectations.

Election Impact and Ripple vs SEC Lawsuit

External factors, including Donald Trump’s recent election as President-elect, is definitely helping in these tokens’ market momentum. XRP, in particular, is influenced by developments in Ripple’s ongoing legal battle with the SEC, which remains a critical driver of price volatility. Meanwhile, ADA’s visibility has ever so slightly risen with founder Charles Hoskinson’s name doing the rounds in political and social discussions related to the new U.S. administration.

Derivatives and Market Sentiment

Both XRP and ADA are making waves in derivatives markets. XRP’s derivatives volume hit $2.92 billion, with short liquidations exceeding $3 million in the past 24 hours. Similarly, ADA saw a derivatives volume surge of 468%, alongside $10 million in short liquidations. This trend suggests an ongoing short squeeze, intensifying the bullish narrative.

Read also: Trump’s Election Victory Fuels ADA, XRP, and SOL Gains

Traders on platforms such as Binance and OKX exhibit a strong long bias for both assets. Long/short ratios for XRP are exceeding 3:1, while ADA also shows a significant leaning towards long positions.

Future Price Projections

Coin Edition’s technical analysis stresses on promising long-term outlook for both XRP and ADA, backed by detailed market insights and price predictions.

By December 2024, XRP is expected to trade between $0.535 and $0.636, with an average value of $0.586. By 2026, XRP could reach a maximum of $1.42. For ADA, December 2024 price forecasts range from $0.348 to $0.418, with an average of $0.383. By 2027, ADA could trade as high as $1.32, with an average price around $1.14.