As 2023 is now behind us, the cryptocurrency landscape witnesses an intriguing race between two prominent assets, Ripple (XRP) and Cardano (ADA), both striving to reach the elusive $1 price level.
Ripple XRP token and Cardano both exhibit strong foundations for potential price appreciation. A notable crypto market expert, CoinsKid, observed a tight competition on December 28, suggesting a close race, possibly favoring Ripple. Anyway, let’s discuss further.
Ripple XRP Will Surpass the $1 Price Range in 2024
Ripple has refused to experience any major price boost since it fell from its monthly peak of $0.6901 on the 9th of this month. However, in the battle to $1 between Ripple and Cardano, technical indicators slightly favor Ripple, with TradingView’s one-day sentiment gauges signaling a “strong buy” for XRP.
At the time of writing, Ripple was trading at $0.6297, showing a 0.04% increase in the last 24 hours, a 2.29% gain over the previous week, and a 3.42% advance in the past month (as of December 28).
The resolution of the legal battle Ripple had with the SEC could act as a catalyst for XRP’s upward movement, potentially surpassing the $1 price level in 2024. Meanwhile, Crypto analyst Crypto Tony advises followers to focus on the breakout in XRP’s chart, and anticipate potential gains.
Cardano’s (ADA) Evolution and Development Will Influence a Price Surge
Simultaneously, Cardano, XRP’s competitor, is currently priced at a range of $0.6167 to $0.6489, close to XRP. The price of Cardano today is greatly influenced by its trading volume, which was up by 63.74% in the last 24 hours.
Due to the formation of a symmetrical triangle by Cardano, crypto analyst, Ali Martinez, emphasizes the importance of a sustained candlestick close above $0.63 to trigger a breakout towards $0.70 for Cardano.
Cardano has reclaimed the top position among crypto teams on GitHub, showcasing robust development activities and a growing ecosystem, including nearly 10,000 smart contracts added in 2023.
Despite the bear sentiment that started today, the price of Cardano is promising and may regain yet another bullish trend just before the end of the year.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
