Bitcoin’s Drop to $60,000 Raises Concerns for XRP and ADA
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Bitcoin’s recent decline to $60,800 has raised concerns that Ripple (XRP) and Cardano (ADA) may be on the verge of another significant drop. According to Coinglass, this downturn has led to a staggering $156 million in liquidations within the past 24 hours.
The data indicates that a substantial portion of these liquidations were long positions. Specifically, XRP saw approximately $1.80 million in liquidations, while ADA experienced losses totaling $520,000.
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As of the time of writing, XRP is trading at $0.50, reflecting a 2.41% decrease over the past 24 hours. Meanwhile, Cardano has dropped by 3.79% to reach a price of $0.44.
XRP Price Analysis
Analysis of the 4-hour XRP/USD chart reveals the formation of a symmetrical triangle pattern, with peaks around $0.55 and troughs near $0.51. Symmetrical triangles typically indicate an impending breakout or breakdown following a period of consolidation.
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In the case of XRP, the current pattern suggests a potential breakdown, a view supported by the Exponential Moving Average (EMA) analysis. As of now, the 50 EMA (yellow) has crossed below the 20 EMA (blue), signaling a bearish trend. Given this setup, along with the symmetrical triangle pattern, XRP may decline further to around $0.46.
ADA Price Analysis
Similar indications are observed in Cardano’s structure on the 4-hour chart. The Money Flow Index (MFI) has declined, indicating capital outflows from ADA. This view is further supported by the flat reading of the On Balance Volume (OBV), suggesting a lack of buying interest in ADA.
![](https://cryptonewsonlinehub.info/wp-content/uploads/2024/05/graph-3-1024x671.png)
Given these trends, the next move for Cardano appears to be a decrease. From its recent high of $0.48 on May 10, ADA could potentially drop to around $0.42, representing a 10.93% decline within a short timeframe.
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