$XRP on the Verge of Breakout, Cardano Correction May Not Be Complete Yet
Crypto analyst Ali Martinez has identified key technical levels for XRP and Cardano (ADA) that traders should monitor. According to Martinez, XRP is on the verge of a significant breakout in the short term.
The analyst notes that XRP has formed a symmetrical triangle on the hourly chart, with the critical level at $1.54. If XRP closes above this price, it could lead to an upward breakout and a 10% increase to around $1.70.
On the other hand, Cardano's outlook is more cautious, with demand in the ADA futures market weakening. The open interest size has fallen by 9% over the last week, from $1.99 billion to $1.81 billion, indicating that investors are reducing their leveraged positions.
The actions of large investors also suggest increased selling pressure, with whales selling approximately 90 million ADA since September 20th, worth around $22.5 million. Technical indicators suggest that the correction in Cardano may not be complete yet, with the $0.24 level being a critical mid-band support.
If this support holds, it could create a new bullish signal and allow the price to target the upper boundary of the channel again, around $0.28.