XRP Surges 9%, Cardano Explodes 15%: What Is Going On?

Benzinga02-26 02:22

XRP (CRYPTO: XRP) surged 9% on Wednesday while Cardano (CRYPTO: ADA) exploded 15% as both altcoins attempt major trend reversals.XRP Tests BreakoutXRP is pressing against the upper boundary of a multi...

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The Parabolic SAR flipped to $1.3225 well beneath current price, reinforcing the short-term bullish momentum shift.However, the breakout requires confirmation. A 4-hour candle close above the descending trendline in the $1.47-$1.50 zone is the only valid confirmation. The $1.50 horizontal level and 200 EMA at $1.5473 form a resistance cluster that price must absorb to sustain continuation toward the measured wedge target of $1.80-$1.90.Meanwhile, derivatives data adds context. Open interest climbed 5.23% to $2.42 billion, confirming fresh capital enters alongside the price move rather than pure short covering. The 24-hour long/short ratio of 1.0129 shows the market remains only marginally net long—a sizable short base still exists that could fuel a squeeze if the trendline breaks convincingly.Cardano’s Breakout ConfirmedADA is up 15%, decisively shattering the descending trendline from the $1 peak. This trendline acted as impenetrable resistance for months, capping every rally and forcing lower highs. Today’s surge broke well above it with conviction—textbook trend reversal behavior.The Supertrend at $0.3099 sits just 5% away and will likely flip bullish within the next session or two. This would provide critical momentum confirmation validating the breakout.Additionally, Cardano broke above the upper Bollinger Band, a classic sign of strong momentum that typically precedes extended moves. Immediate resistance sits at $0.31 where the Supertrend flips bullish. Above that, $0.35 represents a key psychological level and previous consolidation zone. Meanwhile, the broken descending trendline around $0.28-$0.29 should now support pullbacks. Holding above $0.28 keeps the bullish structure intact. Breaking below $0.27 questions the breakout’s legitimacy.Image: ShutterstockMarket News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. 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