As Bitcoin (BTC) bulls fight to hold the line and prevent the king of the cryptocurrencies falling further, the altcoins are in an even more uncertain state. Heavily reliant on Bitcoin, all alts are looking to Bitcoin for their cue. $XRP and $ADA are positioned to complete their recoveries if $BTC gives the nod.
Earlier on Thursday it had looked as though $XRP was about to fall to the next horizontal support level at $2.29. However, the bulls had other ideas, and as things stand the $XRP price is back at the $2.44 horizontal support where it might hold if things go well throughout the rest of Thursday.
As can be seen in the chart above, the $XRP price did take a huge tumble last Friday. A massive 43% reversal actually forced the price down to a lower low. Nevertheless, the price has since recovered more than half of that loss, and should $XRP maintain at this level at the end of the day, a climb back to the descending trendline could be on the cards.
Having risen to the all-time high of $3.66 back in July, the $XRP price had become extremely overbought. Therefore these last few weeks of consolidation have been important. As it stands, the weekly chart looks fine for $XRP as long as the price holds above the $2.44 major support level. The Stochastic RSI indicators are nearly at the bottom. Look for a potential bounce from here.
If $XRP took a big tumble last Friday, then $ADA took the dump of all dumps, finally reaching a $0.27 bottom that totalled 66% in all. That being said, the price has recovered sharply, and as long as the $0.63 horizontal level holds, $ADA has probably seen the last of this acute reversal.
The $ADA bulls are currently attempting to flip the $0.68 resistance level into support, and should they do so, it may then be a case of regaining levels until the major descending trendline is reached once again.
The weekly chart for $ADA can either be seen as a series of lower highs, or from a bullish perspective, a major trendline potentially about to be broken. Taking things from that bullish view, if the $ADA price can get back to that trendline, which began in 2021, and break through and confirm above, the next major resistance is at $1.18. $1.45 is then a possible resistance level, with not much above that to speak of before getting back to the $3.10 all-time high.
Can it get back there? It’s a late start, but anything is possible, especially considering the lack of decent resistances after $1.18. If the crypto market were to go into one last glorious rally that would possibly come to an end in Q1 or Q2 of next year, perhaps there is still hope for $ADA.
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