Due to US Cryptocurrency Bill Delay... XRP and Cardano (ADA) Downward Pressure Intensifies

▲ XRP, Cardano (ADA)/AI-generated image

XRP and Cardano (ADA) both fell due to the impact of the delay in the US cryptocurrency market structure bill. The probability of the bill passing dropped to 37%, and a warning of a $0.10 fall was issued for Cardano.

According to CoinGape, a cryptocurrency specialized media outlet, on July 28 (local time), XRP fell 4.8% to $1.05. Cardano also dropped 6.45% to $0.15. The US Senate prioritizing other legislation has reduced the likelihood of a vote before the August 8 recess, exacerbating selling pressure.

The probability of the US cryptocurrency market structure bill passing, as reflected by Polymarket, plummeted from 53% on July 21 to 37% on July 28. The Senate's schedule from July 27 to 31 did not include this bill. The Senate is prioritizing a Russian sanctions bill and the confirmation of federal agency heads nominated by US President Donald Trump.

XRP long position liquidations hit a one-month high at $8.55 million. The funding rate also dropped to -0.0051. On the 4-hour chart, the $1.08 support level of the head-and-shoulders pattern broke. Analysis suggests that if selling pressure continues, it could fall to the June 26 low of $1.01. If it recovers $1.08, the bearish outlook will be invalidated, opening up the possibility of a rebound to $1.15.

For Cardano, $0.13 was presented as the first line of defense. If the closing price forms below this level, it could be pushed down to the psychological support level of $0.10. The Relative Strength Index (RSI) remained in bearish territory at 41 and had not entered an oversold state. The long-term bearish outlook will only be invalidated if it recovers the Fibonacci 61.8% retracement level of $0.19.

Unlike the price decline, institutional trading increased. The XRP ETF saw an inflow of $592,000 on July 27, marking its first net inflow since July 21. At the Chicago Mercantile Exchange (CME), 4,682 XRP futures contracts were traded, the highest since June 24. Institutional Cardano trading volume also increased from 900,000 ADA on July 24 to 2.3 million ADA on July 27.

[Article Summary]

-XRP and Cardano fell by 4.8% and 6.45% respectively, as the likelihood of the US cryptocurrency market structure bill passing decreased.

-The probability of the bill passing dropped from 53% to 37% in one week, and a voting schedule before the Senate recess on August 8 has not been confirmed.

-Technical warnings indicate that XRP could fall further to $1.01, and Cardano to $0.10.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*