Market sentiment hasn't had a big effect on popular altcoins Ripple (XRP) and Cardano (ADA), as both have been hovering around $0.5 for over a month. This steady behavior has raised worries about losing momentum and support. Investors are closely watching to see if XRP and ADA will hit the $1 mark anytime in 2024.

Ripple (XRP) Price Review

Ripple’s XRP has been showing more resilience compared to Cardano’s ADA but is still stuck in a bearish trend. Even though XRP bounced back above $0.5, it remains in a bearish pennant pattern, suggesting possible further declines. The initial hope was that a long period of consolidation might lead to a strong breakout, but the current market shows little activity from buyers and low trading volumes, possibly extending the stagnant trend.

Long-term charts indicate that XRP has fallen from its bullish trend and is struggling to recover previous levels. Prolonged consolidation increases the chances of forming a bearish flag, which might lead to a breakdown below the $0.4 support level. Technical indicators such as the Relative Strength Index (RSI) show no major changes, and the Moving Average Convergence Divergence (MACD) is bearish with low volume, indicating a lack of upward momentum. Therefore, the likelihood of a pullback or continued consolidation is higher than a bullish breakout.

Cardano (ADA) Price Review

Cardano’s ADA price has also been stuck, leading to waning investor interest. This lack of interest makes it tough for ADA to regain momentum and reach $1. ADA is consolidating just below the 0.5 Fibonacci retracement level at $0.517 along an upward trend line. However, the On-Balance Volume (OBV) is falling sharply, suggesting the downtrend may continue. If buyers stay inactive, the price could fall below the trend line, dropping support below $0.4.

ADA has repeatedly failed to break above the $0.5 level, and a new bullish trend can only start if it surpasses this resistance. Given the current scenario where investor interest isn't growing, both XRP and ADA are likely to keep trading around their present levels.

In conclusion, despite hopes for a significant breakout, both Ripple (XRP) and Cardano (ADA) are showing stagnant price movements, with market sentiment playing a crucial role. Investors remain cautious, watching closely to see if either coin will achieve higher prices in the future.