ADA Price Prediction: Will Cardano Hit $2 Before XRP?ADA Price Prediction: Will ADA Hit $2 Before XRP?
Cardano (ADA) is currently in a slight dip but is showing resilience above the $1 mark. With a remarkable increase of over 50 percent in the past week, ADA has its sights set on the crucial $2 milestone. On the other hand, Ripple’s XRP has also seen significant gains and is currently trading around $1.46. The big question now is which of these two altcoins will reach $2 first.
The recent news of Gary Gensler stepping down from his position at the SEC has sent ripples through the crypto market, impacting both XRP and Cardano. This development is viewed as positive for ADA because Gensler’s SEC had previously classified certain cryptocurrencies, including Cardano, as securities.
According to analyst Josh from Crypto World, Cardano’s price has broken above a key 50% Fibonacci retracement level, which was previously a resistance point. Breaking the $0.83 mark is a significant milestone to monitor for Cardano.
In terms of price targets, the next major resistance zone for Cardano is between $1.13 and $1.22, known as the “Golden Pocket”. This level is critical as it could either stall price action or lead to a pullback. If ADA manages to surpass the $1.22 to $1.23 range, the next major target is around $1.76, indicated by the 78.6% Fibonacci retracement level. Historically, when Cardano has been in this position on the chart, it has shown substantial gains compared to Bitcoin, sometimes reaching up to 400%.
This trend suggests that if Cardano continues to outperform Bitcoin, we could witness significant gains for ADA in the upcoming months, potentially stretching into 2025.
