With crypto continuing to climb higher, three cryptocurrencies from the past are making a lot of the running. Can Ripple ($XRP), Cardano ($ADA), and Stellar ($XLM) continue their wild rides?
The monthly chart for the above cryptocurrencies gives a far more accurate picture than the short-term time frame. Therefore, we will have a look at each of them in this time frame in order to ascertain their possible trajectories for the rest of this bull market.
$XRP higher high could lead to all-time high
Source: TradingView
This pump to the skies from $XRP is possibly a last chance saloon for what is a giant in the cryptocurrency space. Mentioned in projects that could use the Ripple platform for fast payments, this has generally not materialised. It would seem that this current pump is at least partly due to the fact that Gary Gensler, the SEC Chairman, is stepping down from his post, and therefore $XRP may no longer be in the firing line from the U.S. regulators.
Focussing on the technicals, there is no denying that the current monthly candle for $XRP has brought this cryptocurrency back from the dead. Up 178% this month, the price has crashed through the descending trendline, and stopped just short of the 5.0 Fibonacci level.
However, for the $XRP bulls to well and truly reverse the downward trend, a new local higher high will need to be made. This is at a price level of $1.97.
All indicators aligned for higher $ADA price
Source: TradingView
The monthly chart for $ADA looks very promising indeed. The current monthly candle started from the very strong base at $0.34, and has punched through the descending trendline, getting above the 0.236 Fibonacci, but currently stalled below the 0.382 Fibonacci.
The higher high has been made though, and it looks like further upside price action is likely (targets are the next Fibonacci levels above). The monthly Stochastic RSI has crossed up, and there is plenty of room for growth in price momentum here. Also, the Relative Strength Index has crossed above the descending trendline.
Huge 600% rise for $XLM
Source: TradingView
The $XLM price reached a huge 600% rise in November alone. The price has fallen back slightly since, and is currently just underneath the 0.618 Fibonacci. The 0.618, and the 0.786 Fibonacci levels will need to be surpassed, and then the all-time high at $0.80.
The monthly Stochastic RSI is perfectly positioned, and the only concern is the Relative Strength Index, where the indicator is now deep into overbought territory. Some sideways price action over a period of time before breaking the all-time high could remedy this. Future targets, based on the Fibonacci extensions are in the chart.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
