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Cryptocurrency market players are observing a major price turnaround as altcoins attempt a comeback following a long period of market drought. Notably, a handful of altcoins are leading the recovery, and Cardano and XRP appear to be two of the most remarkable this week.
Ripple’s XRP, the 4th most valued cryptocurrency by market capitalization, is valued at $1.51 per token and has risen 11% over the past 24 hours. This follows a 51% increase in price over the last 7 days.
This comes not long after XRP whales made a significant comeback; whale activity, as seen on the XRP charts, revealed that the XRP ledger hit a new high. As shared by cryptocurrency market player Ali Charts, on August 17, transactions on the XRP ledger exceeded $1 million after a 280% surge. As a result, network transactions increased to more than 38 large transactions.
Prior to the new development, the analyst argued that XRP is poised for a bull rally, citing a Tom DeMark Sequential buy signal on the monthly chart that has historically preceded major gains (such as 1,074% after April 2020 and 973% after August 2022). Additionally, Whales had recently accumulated over 380 million XRP, and a monthly close above the key $1.06 resistance (where nearly 3 billion XRP were previously transacted) could open the path toward $1.35 and then $1.64.
On the other hand, Cardano’s ADA hit a highly anticipated milestone on August 18, prompting the analyst to raise its price targets.
 
As the analyst wrote:
“Cardano hit my $0.170 target. Now I’m turning BULLISH.
The daily TD Sequential has flashed a buy signal, suggesting a rebound could be starting for $ADA. I’m targeting $0.20 next.”
This follows ADA’s 3 warning signals, which hinted at an incoming bear trend. However, the asset has since surged. Up 28% in the last 7 days, ADA now trades at $0.2261 per asset.