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Cryptocurrency News Articles
XRP and Cardano's ADA Race Toward $1 as Market Volatility Derails Their Ascent, But Raboo's $RABT Surges 90%
Sep 26, 2024 at 01:25 am
XRP and Cardano's ADA have been locked in a head-to-head race toward $1 as market volatility derails their ascent.
XRP’s price has been closely watched by crypto traders throughout 2023 as the cross-border token attempts to stage a recovery following a multi-year bear market. XRP faced legal troubles last year after the SEC filed a lawsuit against Ripple Labs, alleging that XRP is an unregistered security. The lawsuit has had a significant impact on XRP’s price, which dropped sharply following the news. However, recent developments in the case have sparked optimism among XRP holders, who believe that the worst may be over for the token.
After rallying past the $0.3 resistance level earlier this year, XRP’s price surged to a local top of $0.47 on February 14. A brief consolidation period followed, but XRP failed to break past the next resistance level and began to trend down. Support was found at the 50 moving average on the 4-hour chart, allowing XRP’s price to rebound and begin another attempt at breaking past the $0.4 resistance level.
On March 7, XRP’s price finally managed to break past the $0.4 resistance level, surging to a high of $0.42. The token then faced another brief period of consolidation before continuing its uptrend. On March 10, XRP’s price rallied to a local top of $0.47, marking a 9.2% increase for the day.
However, XRP’s uptrend came to an abrupt halt on March 13, when the token crashed by 10%, falling back below the $0.4 resistance level. XRP’s price continued to decline in the following days, eventually dropping to a low of $0.34 on March 18. The token’s downtrend was likely caused by a broader sell-off in the cryptocurrency market, which saw Bitcoin’s price fall below the $24,000 level.
Despite the setback, XRP’s price recovered quickly and began to consolidate above the $0.4 support level. On March 20, XRP’s price rallied once again, surging by 6.5% to reach a high of $0.43. The token then faced another brief period of consolidation before continuing its uptrend.
On March 24, XRP’s price rallied to a local top of $0.47, marking a 4.2% increase for the day. The token then began to consolidate once again, finding support at the 50 moving average on the 4-hour chart. XRP’s price remained above this support level throughout the consolidation period.
On March 29, XRP’s price finally managed to break past the 200 moving average on the 4-hour chart, surging to a high of $0.52. The token then faced another brief period of consolidation before continuing its uptrend. On March 31, XRP’s price rallied to a local top of $0.57, marking a 3.1% increase for the day.
Overall, XRP’s price has been showing signs of recovery in recent months, with the token slowly but steadily climbing back up the price ladder. However, XRP’s price is still a long way off its all-time high of $3.84, which was set in January 2018. If XRP’s price manages to continue rising, the token could eventually reach the $1 mark, which would be a major milestone for the cross-border token.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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