Altcoins
XRP and Cardano (ADA) Prices Poised for 200% Surge – Which Will Hit $1 First?
The cryptocurrency market capitalization surged nearly 3% in the past 24 hours to reach around $2.52 trillion on Wednesday during the first session in London. As the price of Bitcoin (BTC) surged past $65,000, the altcoin industry — led by Ethereum (ETH), Ripple’s XRP, and Cardano (ADA) — signaled an inevitable rally to respective all-time highs ahead.
Additionally, Bitcoin’s Fear and Greed Index jumped to around 69%, indicating greed, up from 25% extreme fear last week.
The main reasons for the rise of cryptocurrencies today
Coinpedia reported that the ongoing repayments of Mt. Gox cryptocurrencies have become a must-see event. Additionally, about 65% of Mt. Gox’s creditors have already been repaid via the Kraken exchange.
Earlier this week, the US SEC gave preliminary approval for three spot Ether ETFs to begin trading next Tuesday. With the recent surge in demand for spot Bitcoin ETFs and nearly $2 billion in inflows over the past two weeks, speculation about altcoin adoption has increased significantly.
XRP Price Rebounds
Ripple Labs-backed XRP surged more than 50% between July 5 and July 17 to hover 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 trading volume of around $3.3 billion, is poised for a parabolic rally toward its all-time high.
From a technical perspective, XRP price has approached the descending weekly log resistance following the recent surge. According to a popular crypto analyst, Captain Faibik, XRP price will surge by at least 330% if the bullish momentum continues in the coming weeks.
XRP buyers are betting on the much-anticipated settlement between Ripple and the US SEC in the ongoing lawsuit,
Cardano (ADA) is ready for takeoff
After rebounding from the lower boundary of a weekly megaphone, Cardano (ADA) price is well positioned to enter its second phase of increase towards its all-time high.
According to Captain Faibik, the ADA price has already started its bullish cycle and he anticipates a 200% increase in the medium term.