The CoinMarketCap crypto community forecasts the year-end price of Cardano (ADA) and Ripple (XRP). Also, analysts are assessing the technical outlook for ADA and XRP.
Cardano (ADA) price prediction
cryptocoin.com As you follow, the market turned red after FTX crashed. Subsequently, Cardano (ADA) and other crypto assets consolidated in a sideways trading pattern. This led to assumptions about the possible future path of ADA. The CoinMarketCap crypto community predicts that Cardano will trade at an average price of $0.4861 on December 31, 2022. For the prediction, 4,817 voters cast their votes. It means an increase of $0.1638 compared to the current price of ADA. In other words, the community predicts that the Cardano price will increase by 50.81%.
ADA price prediction / Source: CoinMarketCapCardano founder Charles Hoskison said the FTX debacle could be the last disaster to shake up the cryptocurrency industry. Meanwhile, it should be remembered that the May collapse of Terra (LUNA) contributed to the protracted bear market.
Deep learning algorithm Cardano prediction and ADA price analysis
NeuralProphet’s PyTorch-based price prediction algorithm, which uses an open-source machine learning framework, made a similar price prediction mid-month. He predicted it would reach $0.48 by December 12, 2022, the ADA’s furthest forecast date.
ADA price forecast/day / Source: Cardano Blockchain InsightsIn particular, the model covering the period from July 31, 2021 to December 12, 2022, showed a good history of accuracy until the unexpected market crash of the algorithm-based stablecoin project TerraUSD (UST). However, this is far from perfect.
Looking at the ADA technical analysis, it is predominantly negative, the summary of the 1-week indicator shows ‘sell’ with 11. Elsewhere, the moving averages align with ‘strong sell’ at 10. Oscillators, on the other hand, stop at ‘neutral’ nine.
ADA technical analysis / Source: TradingViewRipple (XRP) price prediction and XRP technical analysis
The crypto community predicts that XRP will get even stronger by the end of the year. However, the rate of increase is lower than Cardano. The CoinMarketCap crypto community predicts that XRP will average $0.4287 as of December 31, 2022. 970 people from the community voted. If this prediction comes true, it means that XRP will increase by $0.04911. Or it means that it will increase by 12.94% from the current price.
Social XRP price prediction for December 31 / Source: CoinMarketCapMeanwhile, it is possible to attribute the community’s bullish stance to the optimism surrounding the US Securities and Exchange Commission’s (SEC) legal battle against XRP publisher Ripple. Specifically, District Judge Analisa Torres endorsed the submission of friendly briefings by multiple parties supporting the Ripple side. These news previously increased the price of XRP by 10% in just 24 hours. However, the altcoin consolidated later.
According to XRP technical analysis, the summary on the 1-week indicator suggests ‘sell’ at 14, only 2 for ‘buy’ and 10 at neutral. This shows that the summary is swinging towards the ‘sell’ side. Upon closer inspection of these indicators, the moving averages (MA) are in the ‘strong sell’ zone with 14 for ‘sell’, only 1 for ‘neutral’ and 0 for ‘buy’. Meanwhile, the oscillators are leaning towards ‘buy’ sentiment at 2, ‘neutral’ at 9 and ‘sell’ at 0.
XRP technical analysis 1-week indicators / Source: TradingView
