Daily Altcoin Analysis August 8: XRP, ADA, VET, TRX

Key Insights:

• Despite rising by just 2.4%, Cardano was still the better performing coin of the lot today.
• Ripple is emerging as one of the worst performing assets in the market with its 21% rally.
• Bitcoin and Ethereum actually noted improvement to trade at $23.9k and $1.7k today.

As the crypto market stuck to the macro uptrend today, it recovered almost $30 billion that it lost during the crash of May and June.

While Cardano did make some profit out of this rally, others in the lot didn’t, but the king coin and the altcoin king did rise to $23,904 and $1,772.

Ripple (XRP)

Trading at $0.37, XRP has been one of the most disappointing assets recently, rising by just 21.72% in almost two months. This rally is not enough to even recover the 23% losses of June, let alone from the months before.

Even the gradual incline is losing strength, as visible by the appearance of the red bars on the Awesome Oscillator.

Cardano (ADA)

Cardano made some efforts to rise by 2.4% in 24 hours to trade at $0.53. Although it did not place the altcoin at any highs, it did save it from a price fall.

This price fall could be coming soon since the investors are pulling their money out, as evinced by the downtick of the Chaikin Money Flow, which will make it difficult for ADA to recover the 61% losses from April and May.

VeChain (VET)

VeChain is in line with Cardano thanks to its 48.13% rally over the month, although it did not note any growth either today.

The next major challenge for the altcoin is the 48.61% crash of May, which VET might be able to recover as long as the Bollinger Bands maintain their divergence, leaving room for price swings in the upwards direction.

Tron (TRX)

Tron was one of the few coins not to observe a significant crash during the June dip, as the altcoin only declined by 34.02%. Trading at $0.07, TRX is actually getting closer to recovering it all.

The Relative Strength Index (RSI) is also highlighting rising buying pressure for the altcoin, and as long as it is maintained, TRX will continue going up.