XRP News Today: Cardano Rises 3.59% Amid Grayscale ETF Filing Hopes as XRP Falls 6%

The cryptocurrency market experienced a mixed performance following the release of July's Producer Price Index (PPI), which surged 0.9% month-over-month and 3.3% year-over-year, exceeding forecasts and dampening expectations for immediate Federal Reserve rate cuts [1]. This macroeconomic data led to a broad selloff, with Bitcoin, Ethereum, and XRP all declining. Bitcoin fell 3.9%, Ethereum dropped 3.3%, and XRP plunged 6% to $3.07 [1]. The total crypto market cap fell by 3.01% to $3.99 trillion [1].

Amid the broader decline, Cardano (ADA) bucked the trend, rising 3.59% to $0.909 and becoming the third-best performing token among the top 100 by market capitalization [1]. The surge in ADA coincided with news of a potential Grayscale Cardano Trust ETF filing on Delaware’s state website, sparking excitement and speculation among traders [1]. However, Grayscale has not publicly confirmed the filing, and past instances of fake ETF filings on the same platform have raised skepticism [1].

The surge in ADA was reflected in its technical indicators. The Relative Strength Index (RSI) stood at 69, indicating strong bullish momentum without entering overbought territory [1]. The Average Directional Index (ADX) was at 27, confirming a solid trend is in place [1]. The 50-day Exponential Moving Average (EMA) was above the 200-day EMA, forming a "golden cross" pattern historically associated with bullish momentum [1]. The Squeeze Momentum Indicator showed "off" status, suggesting that the recent volatility had already played out [1].

Key levels for ADA included immediate support at $0.86, strong support at $0.75, immediate resistance at $1.00, and strong resistance at $1.20 [1]. Traders are monitoring these levels to determine whether ADA can break out of its multi-month bearish trend [1].

XRP’s 6% decline was attributed to the broader market correction driven by inflation concerns [1]. Despite the drop, XRP’s RSI at 50 indicated a neutral position, suggesting consolidation rather than weakness [1]. The ADX reading of 30 confirmed that a trending environment remained intact [1]. The 50-day EMA was still above the 200-day EMA, maintaining a bullish formation [1]. Traders are watching for a potential double top formation and key support levels at $2.95 and $2.69 [1].

On prediction platform Myriad, the odds of XRP reaching $4.00 before dropping to $2.00 were placed at 67%, indicating a bullish bias among predictors [1].

Source: [1] Why XRP Is Dumping While Cardano Is Pumping: Analysis (https://decrypt.co/335317/why-xrp-dumping-cardano-price-pumping-analysis)