Cardano (ADA) is currently trading at $0.2752, with an increase of over 65% in its trading volume at $304.79 million. Its price change in 24 hours is +$0.006083 representing a 2.17% increase. Also, the 24-hour low of ADA is $0.2681, while its high is $0.27562. The market capitalization has risen by 2.25% to $9.51 billion. It is currently ranked among the top ten cryptocurrencies, according to CoinmarketCap, at number 9. 

The circulating supply is 34.52 billion ADA, with its maximum token supply pegged at 45 billion ADA tokens. ADA has performed well recently since the turn of the year, prompting optimism among holders.

With the prolonged crypto winter in 2022, investors are hoping for more favorable market conditions moving forward. Cardano’s recovery has rekindled interest in the project and questions on how long it can sustain the rally.

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What Is Behind ADA’s Price Upsurge?

ADA is enjoying increased adoption since its trading volume has increased. Investors and holders of the coin are more likely to buy into the project due to its utility. Cardano is one of the largest blockchains to use the energy-efficient proof-of-stake network.

This proof-of-stake helps in energy saving and environmental protection. Cardano network also supports the creation of smart contracts. These smart contracts facilitate the creation of decentralized applications (DApps) on the Cardano network.

It is also gaining more attention in Web3 and for gaming applications. With faster transaction times and regular upgrades, it is ideal for technological innovation. Cardano upgrades also undergo thorough research and scrutiny before being released to the public.

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ADA Price Prediction

ADA is trading below its 50-day and 200-day Simple Moving Average (SMA). However, the candlestick formation on the chart shows a possible bullish run in the coming days. A thick green candle on the daily chart indicates sustained bullish pressure and will likely continue in the coming days.

ADA’s closest resistance level is $0.329. Other resistance levels are $0.44, 0.595, and $0.777. If the bulls sustain the pressure, it will test the nearest resistance level of $0.329 in the coming days. The support levels of $0.260, $0.262, and $0.265 held and acted as a pivot for the price upsurge. 

The Relative Strength Index (RSI) stands at 49.19, in the neutral zone above the oversold region of 40. However, the RSI will probably rise above 49 in the coming days. The Moving Average Convergence, Divergence (MACD) shows neutrality but indicates a possible uptrend. The MACD line falls under the signal line but is positioned upward.

The price of ADA will record a slight increase in the coming days. However, from the candlestick patterns, many red candles are present. It means that the trend can reverse at any time to a bearish pattern. Expect ADA to increase to $0.329, its nearest resistance level.

Please note that this is not investment advice. The above price predictions are the analysis of the author. Always do proper research and technical analysis.  Invest the amount you can afford to lose.

Featured image from Pixabay and chart from TradingView.com

The crypto market is still recording the swings of the prevailing crypto winter, especially XRP. Most of the assets have not been impressive in their price movements. According to data from CoinMarketCap, the crypto market has pushed the cumulative market cap to around $812.00 billion. This indicated a drop of 0.88% over the past 24 hours.

With the declining market trend, XRP stands among the assets that have lost value. The price dip has attracted crypto whales. They have moved millions of XRP tokens to different crypto exchanges.

Whales Show Interest In XRP

According to WhaleAlert, an on-chain data provider, there have been several transactions involving XRP. It recorded that crypto whales have transferred about 385 million XRP to crypto exchanges within 24 hours. The cumulative tokens are worth almost $131 million in the current market prices.

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The data provider noted that besides the most significant single transaction, many whales had moved about 70 million XRP tokens to several crypto exchanges. The value is worth about $25.6 million. The report indicated that most transfer transactions were on Bitstamp, costing $10.1 million. In addition, one of the whales moved XRP tokens worth about $11.8 million to the Bitso crypto exchange.

Also, an unknown crypto whale is reported to have purchased up to 35.1 million XRP tokens. The transaction occurred during this present XRP price dip through the Bitso exchange. As a result, the whale accumulated Ripple tokens worth about $11.8 million.

Notably, the largest single transaction from a whale, as recorded by the data provider, involved a transfer of over 280 million XRP tokens. The tokens are worth almost $95.4 million.

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XRP Token Continues To Plummet

Ripple’s native token has not made any unusual movement recently. Instead, XRP has dropped by almost 12% over the past 30 days.

During today’s early trading hours, XRP dipped by 3%. At the time of writing, the token is trading at $0.3364. Also, XRP recorded about $691.2 million as its trading volume over the past 24 hours. Its market cap now sits at $16.93 billion, keeping the token at the 6th position in the CoinMarketCap ranking of crypto assets.

The price trend for XRP still has some elements of instability and uncertainty. Recall that over the past three days, XRP indicated slight volatility as the price climbed to around $0.35. The coin showed a considerable presence of the bulls through its price movement. However, XRP still couldn’t sustain the reclaimed value as the token fell to the $0.33 level.

A recent report disclosed that Ripple’s case with SEC might still last longer. Seven days ago, Ripple CEO Brad Garlinghouse estimated that the lawsuit might run for 3 to 4 months more but should end in Q1 of 2023. As the lawsuit is highly linked to XRP, analysts predict a change to a positive direction.