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- A Twitter user recently posted that there is useless liquidity tied up in ADA and XRP.
- According to the analyst, this liquidity will flow to better projects in the next cycle.
- The price of both ADA and XRP experienced 24-hour drops according to CoinMarketCap.
The Twitter crypto analyst Leigh Drogen (@LDrogen) tweeted yesterday regarding the liquidity tied up in the market caps of Cardano (ADA) and Ripple (XRP). In the tweet, the influencer stated that “there’s still $20B and $14B of completely utterly useless market cap tied up in XRP and ADA respectively in the top 5 coins.”
According to the Twitter user, this liquidity will flow into projects that “actually work and matter” in the next bull cycle.
In related news, the prices of both ADA and XRP have experienced 24-hour losses according to CoinMarketCap. At press time, the price of ADA stands at $0.3935 following a $3.24 drop over in the last 24 hours. Despite the 24-hour loss, the weekly price performance of ADA remains in the green at +8.21%.
Daily chart for ADA/USDT (Source: TradingView)
The price of ADA remains above the 9-day and 20-day EMA lines despite the market-wide selloff yesterday. However, there is still a sell pressure present, as can be seen by the wick above today’s daily candle, which could push the Ethereum killer’s price below the two EMA lines in the next 24 hours.
Meanwhile, XRP’s price is currently trading at $0.388 after a 24-hour drop of 3.12%. Similar to ADA, XRP’s weekly price performance remains in the green, albeit by a lower margin of 0.66%.
Daily chart for XRP/USDT (Source: TradingView)
The price of XRP has dropped out of the consolidation channel between $0.3887 and $0.3999 following yesterday’s selloff. As a result, the price of XRP is also trading below the 9-day and 20-day EMA lines.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
The post ‘XRP and ADA Liquidity Will Go to New Projects,’ Claims Analyst appeared first on Coin Edition.
