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XRP and ADA Price Analysis for February 7

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Tue, 7/02/2023 - 15:25
XRP and ADA Price Analysis for February 7
Cover image via www.tradingview.com

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The market is trading neutral as some coins keep rising, while others have entered a correction phase.

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Top coins by CoinMarketCap

XRP/USD

The rate of XRP is almost unchanged over the last 24 hours.

XRP/USD chart by TradingView

On the daily chart, XRP remains under the bears' pressure as the rate keeps trading near the support level. The selling volume is high, which means that it is too early to think about a reversal.

Related
Ethereum (ETH) Price Analysis for February 6

If the candle closes near the $0.39 mark or below it, there is a high chance to see the breakout of the support, followed by a drop to the $0.37-$0.38 zone.

XRP is trading at $0.3970 at press time.

ADA/USD

Cardano (ADA) has already entered a correction phase, going down by 0.47%.

ADA/USD chart by TradingView

From the technical point of view, Cardano (ADA) is trading similarly to XRP as the rate is too far away from the resistance to keep the rise. In this case, the breakout of the interim mark of $0.38 may lead to the test of the support at $0.3678. Such a scenario is relevant until the end of the week.

ADA is trading at $0.3880 at press time.

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