XRP, ADA: Good Sign for Potential Bulls, 'Rocket Fuel' Could Be Here: Report

Recently published analytics data reveals potentially good signs for continuous XRP and ADA price rises

Thu, 20/06/2024 - 12:20

XRP, ADA: Good Sign for Potential Bulls, 'Rocket Fuel' Could Be Here: Report

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Popular on-chain data provider Santiment has published a tweet that may delight the XRP and ADA communities. This good news, per this report, shines despite a large number of traders who are shorting these two cryptocurrencies at the moment. These traders do not believe in the current altcoin bounce, the report says.

"Rocket fuel" for XRP, ADA could be on horizon

The tweet says that despite the heavy selling pressure on top 10 coins XRP and ADA at the moment from traders who are shorting them after recent price bounces, this is actually a good sign for potential bulls.

This shorting can act as “rocket fuel” for continuous price rises, the Santiment analytics team stated.

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📈 Cardano and XRP are a couple of the most notable altcoins that are seeing heavy trader shorting following relief bounces. This is a good sign for patient bulls, as liquidates shorts can effectively act as 'rocket fuel' for continued price rises. pic.twitter.com/lHdMCLbngR
— Santiment (@santimentfeed) June 19, 2024

XRP and Cardano currently sit in seventh and tenth places on CoinMarketCap’s top 10 list of cryptocurrencies, with their market caps holding at $27,712,761,245 and $14,013,014,797, respectively.

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XRP, ADA recent price roller coaster

Between Friday and Monday (June 14th and 17th), the Ripple-affiliated XRP coin saw an impressive 11% rise from $0.46712 to the $0.51843 price tag. However, that was followed by a likewise massive decline, when the coin slumped by 8.06% by Tuesday. Since then, XRP has been trading sideways, with a total increase of 4.5%.

ADA printed a sudden 10% decline between Sunday and Monday, which occurred largely due to a massive red hourly candle, which pushed ADA down nearly 7%. By now, Cardano’s native coin has managed to recover by 6% and is changing hands at $0.394.

#XRP #Cardano

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.