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As mining sales cause the price of BTC to drop, there is movement in altcoins as well. So, what are the expectations for XRP, SOL, and ADA? With tonight’s upcoming Fed meeting minutes, geopolitical risks, and tomorrow’s inflation data, there were many factors suppressing the price of Bitcoin. Failed resistance tests ultimately led to the decline.
Ripple (XRP)
The XRP Coin price is standing at a critical support level. Most altcoins are concerned about deeper losses in the BTC price. On the other hand, bad news regarding cryptocurrencies continues to emerge. At the time of writing, Caroline, who testified in the FTX court case, was explaining how they targeted the Binance exchange.
During the rise in early October, buyers failed to surpass the symmetrical triangle and were rejected at the $0.56 resistance. This indicates that sellers continue to focus on short-term profits. Two days ago, the price fell below the moving averages. This was the first sign of weakness in the bulls.
Recent developments suggest that XRP Coin may remain consolidated between $0.41 and $0.56 for a while. The first downside target is $0.46, followed by $0.41. If BTC targets $26,000 and above, XRP Coin may follow suit. On the other hand, closing above $0.52 can target $0.56.
Solana (SOL) Analysis
Solana is showing a relatively strong stance as it holds the critical support at $21.79, the 20-day EMA. Last week, institutional investors allocating over $20 million to Solana ETPs was an important development.
If SOL continues its upward movement, it will attempt to form a reverse head and shoulders pattern. This reversal pattern can target $32 with a break above the neckline. However, if the support level is lost, a return to $20.44 and $18.5 is possible.
Cardano (ADA) Analysis
Similar to XRP Coin, the price of ADA Coin is experiencing a lack of demand as it falls below the moving averages. The project’s chronic issues prevent it from positive divergence. DJED did not receive the expected attention, leaving little reason for the price to remain strong. The $0.24 support level can be tested, but positive divergence in the RSI can prevent deeper losses.
If the support level is lost, ADA Coin can target $0.22 and $0.2. BTC has not yet reclaimed $26,800.
