The cryptocurrency continues to remain bearish for more than a month. We have seen several attempts to turn the sentiment bullish, but they have all failed and now the pressure remains to the downside as we head toward the weekend. Although, certain cryptocurrencies such as Ripple coin and Cardano have been bearish longer than the market and haven’t shown many attempts to reverse higher.
They continue to decline, but this is making them increasingly attracting investment assets, since these are well-established coins in this new industry and fundamentals are solid. So, let’s see where the decline might end for these digital coins, so we can purchase them.
Ripple Daily Chart Analysis – The Battle With SEC Keep Weighing on XRP
The 20 SMA is pushing XRP down
The legal battle with the US Securities and Exchange Commission has been a heavy burden for Ripple coin, keeping it bearish since September, while the rest of the market enjoyed some strong bullish momentum in October. The SEC commented that it never gave the “non-securities” tag to XRP’s peers, as Ripple has been claiming in its defense. Neither did it give this tag to Bitcoin or Ethereum.
This has led to several leading cryptocurrency exchanges delisting XRP due to the ongoing lawsuit with the SEC. Bitbuy, the Canadian-based crypto exchange is the latest to do so. Although, Ripple is seeing a sharp spike in the trading volume. Bithumb and Coinone which are two main South Korean crypto exchanges, saw whales XRP holders perform large XRP transactions. Besides that, Santiment also indicates a strong social volume for XRP, showing that investors still remain active towards Ripple’s XRP. Perhaps people are buying XRP as it slides lower, hoping that the battle with the SEC will end soon and XRP will surge higher. We are waiting for that, so we like the decline, which
Cardano Daily Chart Analysis – ADA Slides Toward $1
Cardano has entered the bearish zone
Just like Ripple, ADA cion has been bearish since September, despite the major Alonzo upgrade to the Cardano network that month. There have been some minor issues with the update, but overall it has been going well, with many smart contracts building there after the upgrade, yet ADA/USD continues to decline lower.
After the failure of Mineswap which was facing scaling problems in Septmeber, the first decentralized exchange (DEX) was launched on Cardano. Sundaeswap is the first time a project (DEX) has leveraged Cardano smart contracts to exchange tokens. But the 20 SMA (gray) has turned into resistance on the daily chart, which is pushing the price down. ADA/USD is facing support at $1.20 now and I hope that it breaks below it, opening the way for $1, where we can start to build on longs on this cryptocurrency.