Ripple and Chainlink have become one of the most important players in the cryptocurrency market, and we’re not surprised by this fact.
This analysis examines their current positions, recent performance, and future price predictions to understand how they will evolve.
Also Read: How Much Ripple (XRP) Investment From 2018 Is Worth Today
Understanding Crypto Market Trends Through Ripple and Chainlink
Current Market Positions
On July 24th of this year, Ripple (XRP) traded at $0.62826, with a market capitalization of $34.82 billion. Amazing, right? Chainlink (LINK), on the other hand, is priced at $13.86.
Recent Performance
Ripple has experienced some unexpected price changes over the past month. The chart shows a spike in early July, followed by a steady climb. Despite this volatility, XRP has kept a relatively stable price recently.
The Chainlink Price chart above shows a more consistent pattern over the same period. The cryptocurrency has shown an upward trend since early July, with occasional fluctuations.
Also Read: Chainlink Hits Highest Profit Ratio Since 2022: Can LINK Hit $20 In June?
Technical Analysis
Ripple’s indicators show the 50-day SMA is at $0.498948, while the 200-day SMA is a bit higher, at $0.553138. This close value suggests that its price is hovering around moving averages. Furthermore, the 14-day RSI is at 65.55.
Chainlink’s indicators show a more bearish trend: The 50-day SMA stands at $14.27, and the 200-day SMA is higher at $15.77. This difference suggests that its price is trending below the long-term moving average.
Price Predictions
Ripple Price Predictions
- 5-Day: $0.730528
- 1-Month: $0.729327
The price predictions for Ripple show a mixed outlook. A slight increase is expected in the short term during the next five days. This might be caused by market speculation of upcoming events.
Unfortunately, this surge will likely be short-lived, with a slight decrease forecasted for one month.
Chainlink price predictions
- 5-Day: $13.18
- 1-Month: $23.97
Chainlink’s price predictions are more bullish than XRP’s, which is evident at this stage. The forecast suggests a short-term dip followed by significant growth in one month. That’s very interesting.
This positive outlook is due to Chainlink’s solid fundamentals and the development of network upgrades.
The price predictions for Ripple and Chainlink show different paths. Even though Chainlink has a constant positive outlook, Ripple is more volatile and has short-term growth potential.
Also Read: Bloomberg Predicts Ripple XRP-SEC Case To End Soon: Here’s When
Factors Influencing Ripple and Chainlink Prices
Here are the factors influencing Ripple and Chainlink prices:
Ripple (XRP)
- Ongoing Ripple vs SEC lawsuit impacts XRP’s price.
- Speculation about a possible settlement has intensified.
- Rumors of potential crypto-friendly policies fuel speculation.
- A settlement could eliminate uncertainty and boost XRP’s price.
Chainlink (LINK)
- Price is influenced by technological advancements.
- Adoption in various industries plays a significant role.
- Does not face the same regulatory challenges as Ripple.
- More optimistic price prediction due to fewer regulatory issues.
The price predictions for Ripple and Chainlink for August 2024 show different paths. While both are expected to see growth, Chainlink’s forecast is significantly more bullish.