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Cryptocurrencies Price Prediction: Ripple, Cardano and Dogecoin – European Wrap 2 August – FXStreet

FXStreet Team FXStreet Team

XRP price performs a U-turn after sweeping crucial levels and collecting liquidity. This retracement seems apparent, especially considering the bearish outlook for Bitcoin price from a lower time frame perspective and altcoins’ high correlation with it. 
XRP/USD 4-hour chart
Swiss digital bank Sygnum announced that it is now offering Cardano staking alongside Ethereum and other altcoins enabling users to earn interest from their staked ADA. Crypto security firm Ledger announced support for 100 Cardano tokens to its wallets, fueling bullish sentiment among holders. 
Dogecoin price is at crossroads and shows signs of a steady consolidation above a stable support level. However, there needs to be momentary pain before a long-term and explosive rally originates. 
DOGE/USDT 1-day chart

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XRP price reveals a massive bearish setup that could ruin its recovery rally, especially if bulls fail to invalidate it. Therefore, investors need to exercise caution as this outlook is in line with the macro bearish structure of the crypto market.
MATIC price shows a tight consolidation after a string of equal lows at $0.758. A bounce off this level will likely reach the midpoint at $0.906 before triggering a crash to $0.647 and $0.598.
Bitcoin price could be hinting at more decline as a last minute influx of transactions comes in near the critical $20,000 barrier. Bitcoin price currently auctions at $19,830 as retail traders are jumping into the market to place their bets on the next directional move. 
Apecoin price shows bearish signals to the end of July. A sweep the lows event targeting $4.42 is in the cards. Since August 1, the APE price has lost 37% of its market value. In recent trading hours, the ApeCoin price was rejected at the $5 zone from the 8-day simple moving average.
Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 
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