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Ripple finally managed to break above $0.45

Ripple, Cardano Forecast – XRP, ADA Try to Resume the Uptrend

Posted Wednesday, November 3, 2021 by
Skerdian Meta • 2 min read

Gold has been showing resilience in 2023, opening around $1,800 and continuing higher, where it formed a support zone, which held throughout the year. Buyers have been in control during most of the year and they broke above the all-time high at $2,075 in the first week of December, but the price retreated lower below $1,900 again, however buyers have stepped in and now they are threatening the previous resistance for a second time.We have seen a few technical setbacks in Gold this year. However, XAU/USD has now risen to sit higher, recovering from around $1,974 after finding support at the 50 SMA (yellow) on the daily chart. The price bounced off that moving average and now the 20 SMA (gray) has turned into support for Gold, indicating that the buying pressure remains strong.Gold Daily Chart – Can Buyers Push Above the Resistance? Smaller MAs are now turning into support for XAUHowever, the important resistance zone from the 2,020 high at around $2,075 remains on the daily, weekly, and monthly charts, and it is the critical level to watch heading into next year. The break above this level early this month came as a bit of a fluke, as the price spiked higher on geopolitical news. So, this time buyers don't have the same stamina as back then. So, Gold remains in demand as the economic and political uncertainties remain high across the globe. January is the best month for XAU though. But the rally since November also comes on the back of a weaker USD, while bond yields have been retreating lower, which is a key driver for [[Gold]] in particular. The market is stepping up pricing for central bank rate cuts in 2024 which has been pulling the USD lower and pushing Gold prices higher. But, buyers will have to push above $2,075 first to keep the bullish momentum going, so one step at a time.Gold Live Chart [[Gold-graph]]

Cardano (ADA) has been one of the weakest cryptocurrencies since early September, declining for two months, while Ripple (XRP) has also been weak. They missed out on the bullish momentum in the crypto market during October, but are giving some positive signs today, so let’s have a look at these two digital coins.

Ripple Daily Chart Analysis – XRP/USD Pops and Drops

XRP/USD is losing all of today’s gains, as it retreats down

Ripple coin made some decent gains during the bullish reversal in the crypto market in August, despite the continuing and exhausting legal battle with the Securities and Exchange Commission (SEC) in the US. But, it hasn’t been able to raise its head since the crash in September, while some other cryptos have absolutely surged, especially in October.

XRP/USD was mainly bearish in October, but at least the 100 SMA (green) held as support. Although the pace faded pretty quickly after the last bounce off the 100 SMA, today we saw another bounce, which took the price from $1.13 to $1.23

Ripple Coin XRP Live Chart

XRP/USD

There have been some developments for Ripple, with the Saudi Arabia British Bank (SABB) launching an instant cross-border transfer service for the US corridor through the blockchain payment technology powered by Ripple. This expands Ripple’s remittance services to the middle east. Besides that, there was a court ruling that could send the case further in Ripple’s favour, which helped improve the sentiment. But XRP/USD has given back most of the gains now, so let’s see if Ripple keeps the recent bullish momentum going or fades again.

Cardano Daily Chart Analysis – Can ADA Overtake the 50 SMA?

Cardano has seen a lot of activity in recent months. The Alonzo upgrade went live in September and the founder, Charles Hoskinson, said yesterday that the layer-2 solution, Hydra, is going very well, and Cardano has over 2 million ADA wallets. Besides that, institutional investment flows in Cardano hit $5 million last week, which signals a rise in demand for ADA.

The 50 SMA stands as resistance

But that hasn’t helped ADA/USD raise its head, and it continues to slide. The price fell below the 20 SMA (gray) and the 50 SMA (yellow) on the daily chart, which have now turned into resistance for this cryptocurrency. At least, the 200 SMA (purple) has turned into support on the daily chart.

Today we saw a jump from $1.95 to $2.15, but the 50 SMA stopped the pop, and now the price has retreated lower. So, the line in the sand is clear here: if ADA/USD were to move above 50 SMA, that would be the beginning of the trend reversal, otherwise, it will remain bearish below that moving average.