The cryptocurrency market experienced a massive bloodbath on Mondaywith major altcoins falling by double digits in the indices. Fears of a new slump gripped markets as billions of dollars The funds were wiped out in just two days.
Major altcoins such as Ripple’s XRP and Cardano’s ADA fell by double digits, dropping to their lowest levels in three months.
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XRP and ADA are among the hardest-hit assets in the cryptocurrency market, making investors skeptical about taking an entry position. While Ripple’s native cryptocurrency, XRP, is currently down 17%, Cardano’s ADA has dropped 18% over the 24-hour period.
XRP and ADA Price Prediction as Cryptocurrency Market Falls
All leading indicators point to a strong “sell” option for Ripple’s native token, XRP, and Cardano’s native cryptocurrency, ADA. The latest technical analysis of XRP shows that it is currently under bearish pressure.
XRP is firmly in the grip of the bears, with 94% pessimists and only 6% bulls. The overall XRP price forecast sentiment currently remains bearish, with 29 technical indicators pointing to a downturn.
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On the other hand, Cardano’s ADA is 78% bearish and 22% bullish in technical indicators. ADA is also signaling a strong “sell” option and could lose more value on the charts. XRP and ADA are in bearish territory, and a quick recovery from there could be difficult.
The daily simple moving average (SMA), daily exponential moving average (EMA), weekly simple moving average (SMA), and weekly exponential moving average (EMA) all point towards the “sell” option.
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Therefore, XRP and ADA will remain under pressure this month, leading to little to no price gains. The global economy remains under macroeconomic pressure as the market points to a recession in the US. Global stock and cryptocurrency markets have been bleeding heavily since Friday, with no signs of a quick recovery.
