Key Takeaways
- The XRP price continues to struggle despite showing bullish fundamentals, as its price remains within a range.
- The price of XRP failing to break above the $2.6 resistance would mean the price retracing towards the key support of $2.
- The ADA’s price continues to face market uncertainties, trading above its key support level of $0.7.
The price of Bitcoin (BTC) is struggling to defend its all-time high of $111,700, as instances of trading towards that high have suffered a decline, moving towards a region of $106,500, which is affecting the price action of other altcoins. If the price of Bitcoin (BTC) continues to struggle, it could retrace towards a region of $102,000, where a strong demand zone has formed, potentially leading to a price rally to the upside.
While the price of BTC has struggled to maintain its bullish price action in the past few days heading into its monthly close, altcoins like XRP and ADA have had a fair share of price struggles, too, as the price of XRP and ADA have struggled to break key resistance of $2.6 and $0.9 respectively in the last few days.
There has been speculation of an altcoins season just around the corner, following signs of a potential crash of BTC from its all-time high of $60,000, which has prevented the price of altcoins from experiencing a strong price rally despite BTC seeing an incredible rally to new all-time highs.
How have the prices of XRP and ADA performed in May, and what can we expect from these top altcoins following price trading in a range for weeks now?
XRP vs ADA Price Analysis And Performance
Source – Crypto Market Data From QuantifyCrypto
Crypto market data from QuantifyCrypto indicates that altcoins like XRP and ADA are struggling to exhibit bullish price action despite the overall market appearing bullish, as BTC remains in the green. This leaves altcoins at a disadvantage in dominating the crypto market.
XRP Price Analysis
Source – XRP Price Chart From TradingView
The price of XRP hasn’t shown strong price action to the upside of $2.6, as the price has been rejected on two occasions following a strong rebound from a low of $1.6 after suffering a price crash from a high of $3.45.
The XRP price has a key support zone around $2, where bulls would look to build a strong bullish rally if the price retraces towards this zone. If bulls fail to project the price around this zone, we could see the price rejected back into its bearish price action.
Ahead of the monthly close, the price of XRP closing above $2.3 would signal a strong price close as bulls could build on this momentum to the upside.
ADA Price Analysis
Source – ADA 1D Price Analysis From TradingView
ADA’s chart appears more favorable compared to XRP, as the price has held above its key support level of $0.7, with the monthly close fast approaching a close above this zone. For ADA, this could lead to a price push higher in the coming weeks, potentially reaching $1.1 to $1.4. Overall, the price action for ADA is bullish.
