Cardano, XRP struggle for profits: Here’s an in-depth look


  • Sentiment around XRP and ADA remained bearish last week. 
  • Metrics and market indicators hinted at price upticks for both tokens 

The recent bullish wave in the market has allowed most investors to enjoy profits, but that wasn’t the case with Cardano [ADA] and XRP. In fact, their supply of profit was considerably lower than that of other top cryptos like Bitcoin [BTC]

XRP and ADA’s underwhelming performances 

Santiment recently posted a tweet highlighting a few top cryptos and their profits. Not to much surprise, BTC and ETH topped the list, as their numbers stood at 98.3% and 95.1%, respectively.

However, XRP’s number didn’t look good, as only 78% of its supply was in profit. Things were worse for ADA because just over half of all ADA were in profit.

AMBCrypto’s analysis of Santiment’s data revealed that both tokens’ weighted sentiment remained in the negative zone for the majority of the days last week.

This clearly suggested that bearish sentiment around these tokens was dominant in the market. 

ADA and XRP's weighted sentiments remained low

Source: Santiment

XRP’s price action also remained sluggish last week as it moved up marginally. According to CoinMarketCap, at the time of writing, XRP was trading at $0.5239 with a market capitalization of over $29 billion.

However, things for ADA looked pretty optimistic, as its weekly chart showed a price uptick of more than 3%. At press time, ADA had a value of $0.4653 and a market capitalization of over $16.6 billion.

Will XRP, ADA earn investors profits? 

AMBCrypto then analyzed their on-chain data to better understand whether these tokens were awaiting a price increase, which could help investors earn profits.

As per our look at Santiment’s data, both tokens’ MVRV ratios improved over the last week, which looked bullish. 

XRP and ADA's MVRV ratio improved XRP and ADA's MVRV ratio improved

Source: Santiment

Apart from this, both tokens’ fear and greed indexes were in neutral positions at press time. This meant that the possibility of their prices turning volatile couldn’t be ruled out yet. 

Screenshot 2024 06 07 at 2.40.17 PMScreenshot 2024 06 07 at 2.40.17 PM

Source: CFGI.io

We then analyzed their daily charts to see what the indicators suggested. We found that XRP’s price has been consolidating inside a bullish pattern for the last few weeks.

At press time, it was on the verge of breaking out. A successful breakout might allow XRP’s price to retest its March highs in the coming weeks. 

XRPUSDT 2024 06 07 14 43 53XRPUSDT 2024 06 07 14 43 53

Source: TradingView


Read Ripple’s [XRP] Price Prediction 2024-25 


Regarding Cardano, its Money Flow Index (MFI) registered a sharp uptick. Its Relative Strength Index (RSI) also moved northwards, indicating that the chances of a price increase were high.

However, the Chaikin Money Flow (CMF) looked troublesome as it went southward. 

ADAUSDT 2024 06 07 14 45 46ADAUSDT 2024 06 07 14 45 46

Source: TradingView

 

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