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• ADA has lost 7% in the past day amid a waning momentum

• Cardano’s Vasil Upgrade is expected to be a game-changer in the network

• Cryptocurrencies are currently facing a sell-off ahead of the Fed’s meeting

Cardano ADA/USD dropped 7% in the past day to consolidate weekly losses at 14%. The token is currently trading at $0.4398. Despite being a major token, Cardano struggles to find unique utility over the top cryptos.

Pressure continues to mount on the scalability aspects of the layer-1 blockchain. Vasil upgrade, set for September 22, is expected to change that. The network’s founder, Charles Hoskinson, said the effect of the fork could be felt as soon as September 27.

Vasil upgrade has been hampered by several delays. The setbacks have been due to bugs and technical issues. Nonetheless, the fork remains the most ambitious upgrade in Cardano. Its benefits include scalability, increased throughput, efficiency, and a reduction in block transmission latency.

On a broader outlook, Cardano’s price is receiving a hit from the macro factors. Investors expect the US Federal Reserve to hike interest rates when it convenes this week. A high-interest rate is projected to shift investments away from riskier assets like cryptocurrencies. The sentiment has pushed major cryptocurrencies, including bitcoin, into the red territory. From the technical chart below, ADA is at the bottom of a consolidation.

ADA trades at the bottom of a horizontal tunnel

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Source: TradingView

The daily chart above shows that ADA has retested the $0.43 resistance level. Currently, momentum is looking largely bearish. The MACD is showing bearish histograms as more sellers enter the market. The RSI is at 41, reducing the chances of a possible trend reversal in the short term.

Concluding thoughts

For investors looking to grow their portfolio in a bear market, Cardano offers minimal chances. The token looks exceedingly bearish and could easily lose the current support. For the upcoming Vasil Upgrade, ADA has priced in. If the current support holds, ADA faces immediate resistance at $0.49.

The post Cardano falls back to the bottom of the consolidation zone. What next? appeared first on CoinJournal.

• Ripple and SEC have called for a summary judgment regarding the classification of XRP.

• Ripple asserts that SEC did not provide sufficient evidence.

• XRP has fallen back in the consolidation zone but remains attractive.

There is finally some light at the end of the tunnel for Ripple’s XRP/USD case with the US SEC. In a filing on September 17, both sides asked for a summary judgment of the long-standing battle. Normally, summary judgments are called by parties when they believe they have sufficient evidence. Thus, the case is called without the need to go to the final trial.

Just as it has been in the past, Ripple is confident of winning the case. They argue that the SEC did not present sufficient evidence to support its claim that XRP should be a security. A case ruling in favor of Ripple would be a bullish trigger for XRP. Caution must, however, be exercised since the outcome remains in question.

XRP moves above moving averages amid market correction

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XRP has been in consolidation mode since June. The price has barely surpassed $0.38. The extended consolidation indicates bear exhaustion since XRP was bearish previously. It also indicates that buyers are cautious in scooping the token at a low level.

Source – TradingView

A technical outlook shows that XRP has moved above the 20-day moving average. It is also trading at the 50-day MA. The MACD indicator is bullish. Previously, XRP attempted to break above the $0.38 zone before embarking on a correction. It suggests that buyers are looking to take XRP higher but lack the volumes to do so. 

Concluding thoughts

Although the Ripple versus SEC case outcome is unknown, investors are looking to buy XRP. The extended correction is an indication of a suppressed bear market. A breakout above $0.38 is on the card if there are indications of a Ripple win.

The post Why XRP remains attractive despite falling back appeared first on CoinJournal.