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The global cryptocurrency market capitalization increased by roughly $64 billion after July’s U.S. Consumer Price Index print came in at 8.5%, 20 basis points lower than economists’ expectations. The sudden spike in bullish momentum has helped Cardano and Ripple gain strength for potential breakouts.
Cardano and Ripple have surged by more than 4% over the past four hours as the market shown signs of bullish momentum.
ADA rebounded from a critical support area following the news that U.S. inflation had cooled to 8.5% in July. The uptick in price action has pushed Cardano’s native token closer to the X-axis of an ascending triangle that had developed on its 12-hour chart. Overcoming this supply barrier could help ADA enter a new uptrend.
The Y-axis of the technical formation forecasts a 27% breakout. ADA would have to print a 12-hour candlestick close above $0.55 to confirm the optimistic outlook and target $0.70. It is worth noting it must continue to trade above $0.50 for the bullish thesis to be validated.
XRP has also seen an upswing in the last few hours, reaching an intraday high of $0.38 at press time. The token appears to have bounced off the upper trendline of a parallel channel it broke out of late July. The recent price action indicates that Ripple’s native token is bound for further gains.
A spike in buying pressure around the current price levels could help XRP revisit $0.41. If it slices through this resistance level, it could then surge toward $0.45.
XRP must continue to trade above $0.37 to maintain a bullish outlook. If it loses this vital support level, it could experience a selloff, potentially leading to a decline to $0.34.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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