- Bitcoin fell 1.33% to just above $98,000, triggering a broader cryptocurrency market correction that pulled major altcoins into the red.
- XRP declined over 7% and ADA dropped more than 8%, despite impressive recent rallies of 300% and 150% respectively over the past 30 days.
- XRP is testing crucial support at $2.33 within a falling wedge pattern, while ADA broke below its major support trendline at $1.20 and fell to $1.11.
- Both tokens are at pivotal correction points where holding current support levels could enable recovery, but failure may lead to further declines toward $2.25 for XRP and $1.05-$0.97 for ADA.
Date: Mon, Dec 09, 2024, 11:30 AM GMT
The cryptocurrency market kicks off the new week with a noticeable correction, as Bitcoin (BTC) fell by 1.33%, settling just above the $98,000 mark. This dip has triggered a broader market decline, pulling major altcoins into the red after a month of impressive gains.
Among the hardest hit are XRP and Cardano (ADA), each posting over a 7% and 8% loss today respectively. This correction comes on the heels of remarkable rallies, with XRP soaring over 300% and ADA climbing more than 150% in the last 30 days.
Xrp (XRP)
XRP, which has been consolidating within a falling wedge pattern, has seen its price retreat from a recent high of $2.9. Earlier in the day, XRP tested its minor support level at $2.33, briefly bouncing back to current price of $2.37.
This support level is crucial for XRP’s short-term prospects, as holding above it could propel the price toward its next resistance level of $2.50.
If XRP fails to maintain this level, it may revisit the $2.25 mark, which serves as a stronger support within the wedge pattern.
Cardano (ADA)
Cardano (ADA) has faced a sharper decline, breaking below its major support trendline at $1.20, which had been a key support ,throughout its recent rally. The breach has resulted in ADA dropping to $1.11 today, which is a minor key support zone.
If ADA stabilizes here, it could recover toward $1.20, which now acts as a resistance level.
However, if this support fails, the price could slide further to $1.05 or even $0.97 if bearish sentiment continues to dominate.
What To Expect Ahead?
Both XRP and ADA are at pivotal points in their respective corrections. While the long-term bullish outlook remains intact for both tokens, their short-term movements will depend heavily on their ability to hold key support levels.
XRP’s $2.33 and ADA’s $1.11 are the immediate levels to watch, as their loss could lead to further declines. On the flip side, a strong bounce from these levels might signal the start of a recovery, allowing them to regain lost momentum.
As the market adjusts after a month-long rally, investors should prepare for potential correction.
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