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Bitcoin has once again surpassed the $52,000 mark, but it’s difficult to claim it’s targeting new highs. Sudden drops indicate that profit-taking is ongoing. Experts suggest that a period of sideways movement may continue, reminiscent of previous rapid ascents, followed by substantial purchases aiming for $58,000. If successful, it would nearly reach the all-time high (ATH) level.
Cardano (ADA) Commentary
Bitcoin has crossed $52,000 again, and if Ether’s price, which is approaching the $3,000 mark, starts the expected rally, it could bring larger gains for the rest of the altcoins. Cardano (ADA), however, is lingering around the $0.63 mark. The heavy criticism of Hoskinson continues, and the development of the Cardano network is still slow. Therefore, it is reasonable to say that it has not been able to positively differentiate itself.
In December, we mentioned that closing above the resistance area of $0.64 could accelerate the rally. Now, if BTC consolidates at its current level, such an opportunity may arise.
In the best-case scenario, the price needs to turn this region into support and target the levels of $0.74 and $0.91. This reversal, indicating the end of the downtrend, would make it possible to focus on the levels of $1.249 and $1.65.
A downturn is not out of the question, and in the scenario where selling begins, the main support is at $0.55.
Ripple (XRP) Commentary
XRP Coin is often updated, and it seems to be at the brink of a breakout again. If it can maintain above $0.578 in the coming hours, it will return to the parallel channel and target the resistance zone again. For now, the popular cryptocurrency is at $0.562 and is not expected to see significant development this year.
The ongoing class action appeal process is a medium-term concern for investors. Additionally, the lawsuits involving Coinbase and Binance continue. In these two cases, we will see the court’s response to whether altcoins will be stamped as securities by the SEC. If the SEC fails to convince the judges with a relaxed application of the Howey test, it could trigger a rally for XRP Coin in particular.
In a bullish scenario, the first two targets are the middle area of the $0.74 parallel channel and the $0.94 resistance. The medium-term peak target is at $1.36. The increasing circulating supply may only allow for a spike to this medium-term target. As for prices of $2-3? Without an ETF approval or some other epic supporting factor, it seems difficult given the current supply.
