Ripple faces $1 collapse crisis…Cardano and Solana also warned of further decline

▲ Ripple (XRP) ©CoinReaders

As XRP (Ripple) falls for four consecutive trading days and faces the risk of a $1 collapse, Cardano (ADA) and Solana (SOL) are also testing key support levels. An analysis suggests that if all three cryptocurrencies fail to maintain their critical price levels due to weakening upward momentum, the correction could deepen further.

According to FXStreet, an investment media outlet, on August 6 (local time), XRP, ADA, and SOL all showed a decline on Thursday. XRP's risk of falling below $1 increased, while ADA is heading towards its 50-day Exponential Moving Average (EMA) of $0.1766. SOL is failing to break through resistance levels concentrated around the $75 range.

XRP is testing a downward break of the ascending support trendline near $1.0500. The price has fallen below both its 50-day EMA of $1.1143 and its 200-day line of $1.3938. The Relative Strength Index (RSI) is 38, close to the oversold region, and the Moving Average Convergence Divergence (MACD) has fallen below the signal line, indicating continued selling pressure. If the closing price confirms below $1.0500, the psychological support level of $1.0000 could break, with subsequent support levels at $0.9945 and $0.9271. In case of a rebound, $1.1050, $1.1143, and $1.1568 will act as resistance levels, respectively.

ADA saw a further decline below $0.2000, which had limited recent rebounds, falling below $0.1900 on Thursday. The price is above its 50-day line of $0.1766, maintaining a mild bullish trend in the short term, but it is significantly below its 200-day line of $0.2627, indicating a still unstable long-term trend. The Relative Strength Index retreated from overbought territory to 62, and the MACD remained above its signal line in positive territory. Lower support levels are $0.1766 and the June 25 low of $0.1382. To revive the uptrend, ADA needs to break above $0.2000, with a subsequent target of $0.2627.

SOL traded below $75 on Thursday, falling below both its 50-day line of $75.50 and its 200-day line of $92.60. A descending resistance trendline near $75.25 is also limiting upward movement. The Relative Strength Index was 46, and the MACD recorded a slight negative value, indicating weakening upward momentum. To resume recovery, SOL needs to confirm a closing price above the $75 resistance zone, which could then target $92.60. Conversely, if the descending support trendline at $70.75 breaks, the decline could extend to the February 6 low of $67.50.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*