These two large-cap, top-ten cryptocurrencies may not seem to have much in common. But they settled into a similar price range in December, according to market data from CoinGecko.
During the first two weeks of December, after XRP price found support around the $0.60 level in late November, ADA tokens surged from key support at the $0.35 level for s ‘establish at the same support level of $0.60.
These two altcoins recently gained a Binance listing with USDC as a trading pair (Solana and MATIC also did this). Here’s how ADA and XRP compare on important price factors.
XRP vs ADA: technical indicators
XRP price has been trending downward for most of the one-month, two-month, and six-month windows. This is often a bullish reversal signal. Meanwhile, December saw bullish open interest in long positions on XRP, with traders paying record fees to keep their positions open.
The technical analysis summary recommendation for ADA on TradingView on Friday was “Buy” on a scale of “Strong Sell” to “Strong Buy.” ADA price is trading with a bullish premium of $0.62 above its 30-day exponential moving average of $0.556, 50-day EMA of $0.504, and 100 EMA days of $0.428 on Friday’s chart.
XRP vs ADA: product and community
Ripple continued to expand its business in the fourth quarter. At its annual Swell conference in Dubai in November, Ripple Labs announced it is expanding to serve U.S. business customers who do not have their own money transfer license with its updated settlement platform, Ripple Payments. Additionally, Ripple announced a partnership with an African fintech company to expand XRP remittance services in Africa.
Like Ripple, Cardano expanded globally in the fourth quarter, rolling out an extensive ADA education program in Brazil and a national ID service in Ethiopia. Meanwhile, the Cardano community is excited to codify and move the governance model of the ADA ecosystem on-chain in 2024. Cardano founder Charles Hoskinson said that the CIP-1694 upgrade will make ADA the most decentralized cryptocurrency.
Ripple versus Cardano: SEC regulations
Both XRP and ADA prices are subject to regulatory risks from future SEC actions and court rulings. Ripple has been in battle with the SEC for years, but has scored three significant victories in 2023.
Ripple Labs seemed sufficiently confident in the outcome of the case by opening a new global headquarters in San Francisco in December. Meanwhile, in a new lawsuit against Kraken Exchange filed in November, the SEC named an unregistered security ADA, potentially adding some hikes to token prices.
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