Altcoins
XRP Price and Cardano (ADA) Price Set for 200% Gains: Who Will Reach $1 First?
The cryptocurrency market capitalization has increased by nearly 3 percent in the past 24 hours, reaching about $2.52 trillion in early London trading on Wednesday. As Bitcoin (BTC) price surged above $65,000, the altcoin sector, led by Ethereum (ETH), Ripple’s XRP, and Cardano (ADA), signaled an inevitable rally toward their respective all-time highs.
Additionally, Bitcoin’s fear and greed index has jumped to around 69%, indicating greed, up from 25%, indicating extreme fear, last week.
Top Reasons Why Cryptocurrencies Are Rising Today
Coinpedia reported that the ongoing Mt. Gox cryptocurrency redemptions have become a must-buy event. Additionally, about 65 percent of Mt. Gox creditors have already been repaid via the Kraken exchange.
Earlier this week, the U.S. SEC issued preliminary approval for three spot Ether ETFs that will begin trading on Tuesday next week. With the recent surge in demand for spot Bitcoin ETFs and nearly $2 billion in cash flows in the last two weeks, speculation about altcoin adoption has increased dramatically.
XRP Price Bounces Back
Ripple Labs-backed XRP surged more than 50 percent between July 5 and July 17, hovering around $0.605 at the time of writing. The large-cap altcoin, with a fully diluted valuation of around $60 billion and an average daily trade volume of around $3.3 billion, is on the verge of a parabolic rally toward its all-time high.
From a technical perspective, XRP price has approached the weekly logarithmic resistance in decline after the recent pump. According to a famous cryptocurrency analyst, Captain Faibik, XRP price will increase by at least 330 percent if the bullish momentum continues in the coming weeks.
XRP Buyers Are Betting on Ripple’s Long-Awaited Settlement with the U.S. SEC in the Ongoing Case,
Cardano (ADA) is ready for takeoff
After bouncing off the lower boundary of a weekly bull market, Cardano (ADA) price is well positioned to enter a second phase of its rally towards its all-time high.
According to Captain Faibik, ADA price has already started its bull cycle and he expects a 200 percent upside in the medium term.