Daily Altcoin Analysis July 28: XRP, ADA, VET, TRX

Key Insights:

• Tron and VeChain rallied by 6% and 13%, respectively, today.
• XRP also marked a rise while Cardano stayed put.
• Bitcoin and Ethereum also observed a rise today to trade above $23k and $1.7k.

Today was a good day for the crypto market, and crypto investors as the sudden bullishness despite the announcement of the 75 bps FED rate hike placed most of the altcoins in a rally, except for Cardano.

Even the king coin and the altcoin king could be seen rising and trading at $23,849 and $1,727, respectively.

Ripple (XRP)

With the developments of the ongoing Ripple versus SEC lawsuit leaning in favor of the altcoins, XRP is also enjoying bullishness from the broader market. Up by 9.3% in 24 hours, XRP managed to recover the losses noted this week.

The increasing volatility evinced by the diverging Bolling Bands indicates further rise thanks to the candlesticks being above the basis of the indicator. This could help XRP recover much quicker from the June crash of 23.61%.

Cardano (ADA)

Cardano, as mentioned above, was one of the only few coins to note no rally during the intra-day trading. However, the cryptocurrency is still keeping above the recent lows.

Trading at $0.5, ADA is maintaining the 50-day Simple Moving Average (SMA) (red) as support.

This is important since ADA only has this level to support it in recovering the 61% losses of April and June, and reclaiming the 100-day SMA (green) might make recovery easier.

VeChain (VET)

Being the highest gainer of the lot, VET could be seen trading 13.36% above its trading price 24 hours ago. This rally might even be able to flip the active downtrend visible by the white dots of Parabolic SAR into an uptrend.

This is necessary for VET as it would help the coin reclaim the losses it witnessed during the June crash of almost 32%.

Tron (TRX)

Also up by 6.21%, TRX reclaimed the week-long downfall to trade at $0.06 at the time of writing. Although it is still far away from recovering the 34.02% fall of June, it is closer to rising above $0.07.

The Relative Strength Index (RSI) sitting in the positive zone above the neutral line is also an indication of the same, which will keep the prices from falling any time soon.