Two altcoins with the biggest community following are Ripple (XRP) and Cardano (ADA). Both of these have recently surged in value. However, a current dip could be a great time to buy again. Where could $XRP and $ADA be picked up in preparation for the next leg of this altcoin surge?
How much further can the big market cap altcoins go?
One thing to bear in mind for all traders as they look to take up positions for this next phase of the bull run, is how much further could their chosen altcoins go? It’s all very well backing a popular altcoin, but if it has already run a significant amount, and it has a large market cap, what kind of a return could it produce over the rest of this bull market? Are there other coins that could do better?
$XRP price in bullish ascending triangle
Source: TradingView
One thing that can be said about $XRP this bull cycle is that when it breaks out, it moves quickly. The last 60% surge, once the price broke beyond the descending trendline, was testament to this.
Now the $XRP is moving within what could be an ascending triangle - an extremely bullish pattern. If the price does fall out of the bottom, a quick wick down to the $3.40 support level could be a good time to buy. Other than that, given that $XRP has already run hard, buying within the triangle may not give a decent enough risk to reward. Of course, buying on the breakout and confirmation of the triangle could provide some good short-term gains.
$5 target for $XRP?
Source: TradingView
The much higher, weekly time frame, suggests that a possible target for $XRP is at just under $5. Yes, it could also go higher than this, but as already mentioned, traders are potentially looking at less than a 100% gain from here.
Big dip not expected for $ADA
Source: TradingView
The $ADA price is consolidating after its own 61% rally after emerging from its downtrend. As can be seen in the 4-hour chart above, things are at a critical point, as the bulls fight to maintain the price above the uptrend line. That said, there are some support levels close below, and should the price fall to either of these, they could be potential buys.
Given that the short-term Stochastic RSI are all close to resetting at the bottom, a big dip is not expected. However, if the market did suffer some bad news, picking $ADA up at $0.77 or even as low as $0.71 could be great entries.
Why $ADA could be a better bet than $XRP
Source: TradingView
The weekly chart view gives the perspective as to why $ADA could be a better bet than $XRP from now on. If $ADA bulls can break above the descending trendline and then break the key resistance at $1.19, there is all to play for. The Fibonacci extension levels give targets. If the price can get to the 0.618 Fibonacci level, this would be nearly 3x from the current price. Bear in mind that $XRP is more than 6 times the market cap of $ADA …
