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Following
ADA 
XRP Crypto analyst Ali Martinez's latest technical assessment of XRP and Cardano (ADA) points out that the technical forms of both altcoins show signs of potential recovery.
Martinez believes that the key support range for XRP is between US$1.31 and US$1.38, while Cardano (ADA)'s Tom DeMark series indicators sends a new buy signal.
Martinez pointed out that despite the current market correction phase, XRP is still trading on a strong support area. On-chain data shows that more than 4.8 billion XRPs have been bought in the price range of US$1.31 to US$1.38. Therefore, analysts believe that if selling pressure continues, the region could form an important line of defense.
Another positive factor for XRP is the increased demand for U.S. spot XRP ETFs. According to data shared by Martinez, spot XRP ETFs bought more than $105 million worth of XRP last week. Analysts said ETF-related purchases have not yet fully translated into price performance, but provided additional demand for the market during the correction.
From a technical perspective, XRP may be forming a bullish flag pattern on the hourly chart. Martinez believes that if the hourly chart breaks through US$1.38, it may confirm an upward breakthrough in this pattern. In this case, the $2 level is expected to come back into view.
Martinez emphasized that XRP investors should pay close attention to the US$1.31 to US$1.38 range.
On Cardano's side, the Tom DeMark series indicators gave a new bullish signal on the daily chart.
Martinez noted that the indicator has performed significantly in identifying local ADA lows in recent months. According to data shared by analysts, the indicator rose 44.5% after the signal on June 25; it rose 11.5% after the signal on July 15; and it rose 50.9% after the signal on August 18.
* This content does not constitute investment advice.
