Most of the cryptocurrency market is in the red today, charting some price losses after the recent massive rallies. BTC fell below $90,000 and even briefly dipped beneath $87,000, ETH is down to just over $3,000, while DOGE and SHIB have plummeted by 5-8%.
Two of the top ten largest cryptocurrencies have defied this trend – Ripple’s XRP and Cardano’s ADA. Both assets are up by double digits on a daily scale.
XRP Taps $0.9
CryptoPotato reported yesterday’s price surge from XRP, which drove it from $0.7 to over $0.8 for the first time in almost a year and a half. The most probable reason seemed to be related to the current SEC chair, Gary Gensler, and the growing number of rumors that he will step down from his position soon.
Although such confirmation has not been published yet, XRP’s price has continued to gain traction in the past day, unlike the rest of the market. The token spiked above $0.9 earlier today, marking a new 16-month peak.
Despite retracing slightly since then, Ripple’s token is still 22% up on the day and 60% within the past week. Its market cap has skyrocketed to over $50 billion and has narrowed the gap to Dogecoin’s $53 billion.
At the same time, Santiment reported earlier that many Ripple whales have begun accumulating again, which has propelled their combined holdings to nearly 46 billion tokens. This is a six and a half year peak for this metric.
In terms of XRP’s future price actions, CryptoBull told his 145k followers that the asset has broken out of a large symmetrical triangle and could skyrocket to as high as $23 by the end of January if history is to repeat.
#XRP has broken out of a large symmetrical triangle, just like in 2017. Measuring the monthly closings in 2017, we could see XRP at $1.96 at the end of this month, at $4.80 the end of 2024 and $23 at the end of January 2025. pic.twitter.com/8H05AJyLOf
— CryptoBull (@CryptoBull2020) November 15, 2024
ADA on the Move, too
Cardano’s native token experienced a massive resurgance last weekend when IOG’s founder, Charles Hoskinson, said he will be a part of a designated group under Trump’s administration that will work on a comprehensive cryptocurrency regulatory framework. In the following days, ADA lost some traction but went on the offensive earlier today.
ADA is up by 19% within the past day and trades above $0.66 after it touched $0.7 hours ago. That was its highest price tag since mid March this year.
Popular analyst Ali Martinez weighed in on ADA’s future price performance, suggesting a surge toward $6 by July or September next year.
#Cardano $ADA will reach $6 by July – September 2025! pic.twitter.com/ik3NrNizaN
— Ali (@ali_charts) November 15, 2024
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