Ripple and Solana Lead Altcoin Recovery Amid Strong Institutional Demand
Ripple and Solana are showing signs of recovery after a bearish start to the week. Ripple (XRP) has ticked higher, trading above $1.50 on Tuesday, while Cardano (ADA) is up nearly 3% and holding above its 200-day EMA at $0.2420.
According to CoinGlass, institutional demand for Ripple remains firm, with Ripple-focused ETFs recording $3.96 million in inflows on Monday, marking their fifth consecutive day of positive inflows.
The technical outlook for XRP, ADA, and Solana is bullish, as the altcoins continue to sustain an upward trend for nearly two months. Cardano's price also sits well above 50- and 100-day EMAs at $0.2172 and $0.2103, suggesting a supportive trend backdrop.
Ripple plans a rebound from the key support cluster, with its price holding above the 50-, 100-, and 200-period Exponential Moving Averages (EMAs) at $1.5016, $1.4673, and $1.4097, respectively. The immediate resistance for XRP aligns with the 78.6% Fibonacci retracement level at $1.5907.
Cardano is poised for a breakout rally, with its price sitting well above 50- and 100-day EMAs at $0.2172 and $0.2103, suggesting a supportive trend backdrop. A confirmed breakout above the resistance cluster could extend its rally toward the $0.3136 swing high.
Solana is trading around $120 at press time on Tuesday, holding well above its 50-day, 100-day, and 200-day exponential moving averages at $102.55, $94.57, and $94.47, respectively. The long-term 100- and 200-day EMAs are on the verge of a bullish crossover.