Solana, Ripple and Cardano – European Wrap 14 December

Solana (SOL) price will depend on every word Federal Reserve Chair Jerome Powell utters about the current situation in the US economy. Traders will look for the dot-plot curve, any word on quantitative tightening and how big the coming rate hikes will be. If Powell delivers a dovish message, expect a key Solana level to be broken to the upside, with possibly $18.66 being hit by the end of this week.

Ripple (XRP) price gave back a bit of gain after price action popped higher on a much lower Consumer Price Index (CPI) print in the US, which even came out below the lowest estimation economists and analysts had given. That was the start of a one-direction move, with equities and cryptocurrencies higher and the US Dollar weakening. Expect a lacklustre trading session until later in the US, when Powell is set to speak.

XRP/USD daily chart

Charles Hoskinson, the co-founder of Cardano and blockchain engineering company Input Output Global believes Dogecoin and Solana could theoretically become ADA sidechains, sharing in many of the benefits enjoyed by the Cardano network. Cardano price, meanwhile, is in a multi-month downtrend and is currently testing resistance at the 50-day Exponential Moving Average (EMA). 

ADA/USD price chart