Similar Price Range for XRP and ADA in December
In December, XRP and ADA settled into a similar price range, despite their differences as blue chip, large-cap cryptocurrencies. ADA tokens surged from key support at $0.35 to settle at the $0.60 level, which is where XRP found support after a dip in late November.
XRP vs. ADA: Technical Indicators
XRP has been following a falling wedge pattern over the past one, two, and six months, indicating a potential bullish reversal. In December, there was bullish open interest in XRP long positions, with traders paying high fees to keep their positions open. On the other hand, technical analysis for ADA suggests a “Buy” recommendation with a bullish premium of $0.62 above its 30-day exponential moving average.
XRP vs. ADA: Product and Community
Ripple Labs expanded its business in Q4 by launching its updated settlements platform, Ripple Payments, to serve U.S. corporate clients without money transmitter licenses. Additionally, Ripple partnered with an African fintech company to extend XRP remittance services in Africa. Cardano also expanded globally by introducing an ADA education program in Brazil and a national ID service in Ethiopia. The Cardano community is eagerly anticipating the decentralization of the ADA ecosystem’s governance model in 2024.
Ripple vs. Cardano: SEC Regulation
Both XRP and ADA face regulatory risks from potential SEC actions and court decisions. Ripple has been in a legal battle with the SEC but secured three significant victories in 2023. Despite this, the SEC named ADA an unregistered security in a lawsuit against Kraken exchange filed in November, which could create obstacles for ADA’s price.
Hot Take: XRP and ADA Face Regulatory Challenges, but Show Promise
While both XRP and ADA are exposed to regulatory risks, they have shown resilience and potential for growth. XRP’s falling wedge pattern and bullish open interest indicate a positive market sentiment, while ADA’s technical analysis suggests a “Buy” recommendation. Additionally, the expansion of Ripple and Cardano’s businesses demonstrates their commitment to global adoption. Although regulatory challenges persist, the future looks promising for both cryptocurrencies.
By
By
By