The altcoin market, prominently featuring Ripple Labs’ XRP and Cardano (ADA), has shown signs of a modest rebound as global markets re-open for 2025. Bitcoin (BTC) has also experienced a slight uptick, gaining approximately 2% over the past 24 hours to trade around $95,323 on Thursday, January 2, during the early European session. Meanwhile, the TOTAL3 index, which excludes Ethereum (ETH) and BTC, has increased by over $13 billion, reaching approximately $985 billion.
Positive Technical and Fundamental Indicators
From a technical analysis perspective, the altcoin market is poised for significant momentum in the near term, having concluded 2024 with a bullish sentiment. The broader cryptocurrency landscape is also benefiting from a fundamentally optimistic outlook, following the re-election of Donald Trump to the White House. Furthermore, institutional investors are increasingly investing in the web3 space, driven by the ongoing macroeconomic bull run.
Midterm Targets for Cardano and Ripple’s XRP
Cardano (ADA)
The Cardano network, a leading layer-one blockchain, has gained significantly from its ongoing chain upgrades and strategic alliances. The recent Chang hard fork has enabled Cardano to achieve enhanced functionality and improved decentralized governance. As a result, the ADA token has outperformed other large-cap altcoins, maintaining a bullish outlook over the past few months.
After closing the fourth quarter of 2024 with more than 140% growth, ADA has commenced 2025 on a positive note. In the last 24 hours alone, ADA surged over 8%, trading at approximately 92 cents at the time of this writing. However, to negate prior corrective trends, ADA must rally above the 50 Moving Average (MA) and consistently close above the declining logarithmic trend line.
Ripple (XRP)
Ripple Labs’ XRP has been at the center of attention recently, following the appointment of pro-crypto US SEC chair Paul Atkins, succeeding the outgoing Gary Gensler. With a fully diluted market cap of approximately $236 billion and a 24-hour trading volume averaging around $10 billion, XRP has seen a rise of over 10% in the last 24 hours, currently trading at about $2.35.
Crypto analyst Captain Faibik suggests that XRP is on the verge of another significant rally, potentially increasing by 50% to reach a new all-time high of roughly $3.66. To confirm this bullish trajectory, XRP needs to break free from its current descending triangular pattern, indicating a promising outlook in the near future.
