Bitcoin (BTC) Plummets to $60,000: Ripple (XRP) and Cardano (ADA) Vulnerable to Market Volatility

  • XRP and ADA contracts worth a combined 2.32 million were liquidated in the last 24 hours, with a death cross on the XRP/USD chart suggesting a potential decline to $0.46.
  • ADA experienced a lack of capital flow, prompting a prediction of $0.42.
  • Bitcoin’s (BTC) price decrease to $60,800 might have left Ripple (XRP) and Cardano (ADA) on the brink of another plunge.

Recent market trends suggest a potential decline for Ripple (XRP) and Cardano (ADA) following Bitcoin’s price decrease. This article delves into the details of the situation and what it means for traders.

Market Liquidations Impact XRP and ADA

According to Coinglass, Bitcoin’s decline to $60,800 caused a total of $156 million in liquidations in the last 24 hours. Data showed that longs accounted for a large part of this wipeout. For XRP, there was a sum of $1.80 million in liquidations. ADA, on the other hand, recorded a total of $520,000 in money lost by traders.

Price Analysis for XRP and ADA

At press time, XRP’s price was $0.50 after losing 2.41% of its value in the last 24 hours. Cardano dropped by 3.79% while its price was $0.44 as of this writing. The 4-hour XRP/USD chart showed that the token had formed a symmetrical triangle with a peak at $0.55 and a crest of $0.51. This symmetrical triangle pattern forms when the price of a token is forced to break down or break out after a period of consolidation.

Death Cross on XRP/USD Chart

For XRP, the likely move is for the price to break down. This was confirmed after looking at the Exponential Moving Average (EMA). At press time, the 50 EMA (yellow) had crossed over the 20 EMA (blue). This is known as a death cross, and it signals a bearish trend. From the look of things, this position, accompanied by the triangle pattern might force XRP as low as $0.46.

Conclusion

The recent market trends suggest a potential decline for Ripple (XRP) and Cardano (ADA) following Bitcoin’s price decrease. Traders should keep a close eye on these developments and adjust their strategies accordingly.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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