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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Binance Alpha Trading Volume Hits $424M on July 11 with BR Leading at $194M

On July 11, Binance Alpha reported a trading volume...

DDC Enterprise Partners with Animoca Brands to Launch $100M Bitcoin Yield Optimization Solution

On July 12, DDC Enterprise Limited, a publicly traded...

SharpLink Gaming Boosts Ethereum Holdings with 21,487 ETH Purchase, Secures $79.88M Floating Profit

SharpLink Gaming has significantly expanded its cryptocurrency portfolio by...

Bitcoin Investor “JohnGalt” Cashes Out $10M from 13-Year-Old Casascius Physical Bitcoin Gold Bar

Bitcoin investor and early adopter known as "JohnGalt" recently...

SharpLink Gaming Boosts Ethereum Holdings with $64M Purchase of 21,487 ETH

On July 12, SharpLink Gaming, a publicly traded US...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img