Daily Altcoin Analysis August 1: XRP, ADA, VET, TRX

Key Insights:

• Cardano was the one to lose the most today, albeit only 4%.
• Ripple and others barely moved during the trading hours.
• Bitcoin and Ethereum noted a decline to $22.9k and $1.6k, respectively.

Days ago, the crypto market breached past the $1.07 trillion mark and is now back to below $1.04 trillion, slipping due to the drop in the price of altcoins.

Among such altcoins were many like Cardano but also others like VeChain, XRP, and Tron that remained stuck to the same price level they were at yesterday.

Ripple (XRP)

While the developments in the ongoing SEC vs. Ripple lawsuit continue to intensify, they bear no significant impact on the price. XRP, falling by 3.66%, is following the broader market cues.

However, according to MACD, it is still maintaining its bullish crossover, which will be crucial in pushing the altcoin above $0.4.

Cardano (ADA)

Losing the most from this lot, Cardano could be seen trading at $0.5, 4.64% below yesterday’s opening price. The red candles also restricted ADA from reclaiming the 100-day Simple Moving Average (SMA) (blue) line.

This could have been crucial in ADA’s efforts to recover the 47.46% losses it witnessed during the May crash.

VeChain (VET)

VeChain, although it did not sink as much as the former two altcoins, it still followed the broader market cues closing in red at $0.02. The Parabolic SAR’s white dots’ presence underneath the candlesticks is a good sign, though.

This would prevent further decline and put VET on the path of recovering the remaining 15% drawdown of the May crash.

Tron (TRX)

Last on this list is the Justin Sun cryptocurrency which did not stray far away from VeChain as it barely moved by 2% in over three days. Trading at $0.064, TRX still has room for breaching above $0.07.

The green bars on the Awesome Oscillator will provide TRX with the support it needs to recover the 34.02% losses from the June crash.