Accumulation trend is emerging
Founder of Crypto Capital Ventures Dan Gambardello predicts a return to long-term opportunities for cryptocurrencies despite the ongoing bearish conditions since the beginning of 2022.
The market remains somewhat stagnant in terms of price action and probably needs some time to completely process the recent FTX turmoil.
XRP, ADA: what are the prospects?
At the peak of its bull run in 2018, when it hit an all-time high of $3.18, XRP gained nearly 49,500% in a year. XRP briefly reached a market capitalization of $122 billion, reaching second place in the crypto market rankings, behind only bitcoin.
The impressive rally at the time was said to be buoyed by technical factors and the advancements Ripple made in its remittance technology.
Fast forward to 2021, and XRP was one of the few cryptocurrencies that could not hit another all-time high during the previous bull run, being weighed down by the ongoing Ripple lawsuit and its subsequent delisting.
With hopes for the lawsuit seeing a resolution in 2023, several positive predictions have been made regarding the XRP price. One is the XRP price going past the $1,000 mark; if this happens, XRP would at least net a 249,000% increase if taken from its current price of $0.40.
Cardano’s ADA surged by thousands of percent over the past year, eventually reaching an all-time high of $3.10 on September 2, 2021. ADA has performed this year with a decline of 89.75% from its peak.
However, an accumulation trend is emerging as large holders fill their bags at a discount. ADA ranks among the top 10 purchased crypto assets for the largest BSC whales in the last 24 hours, per WhaleStats data. ADA currently trades at $0.31.
