Is Cardano Price Ready for A Breakout As Hoskinson Signals Ripple Partnership

Cardano price has taken a back seat in the past few days. It has dropped for three consecutive days, even as Ethereum jumped to a record high. So, is ADA price ripe for a breakout after Charles Hoskinson teased a potential Ripple collaboration?

Cardano Price to Benefit as Hoskinson Teases Ripple Deal

ADA price has remained in a tight range in the past few weeks despite having some catalysts. One of these catalysts is the ongoing Glacier airdrop, where its holders are claiming millions of NIGHT tokens.

Another key driver that may move Cardano price is a weekend statement fromCharles Hoskinson, its founder. In the video, he said that he was in talks with Ripple on a mutually beneficial partnership.

One of the potential deals would be for Ripple to mint its RLUSD stablecoin on Cardano. Such a collaboration would be a big deal because RLUSD is one of the fastest-growing stablecoins, with its assets moving from zero in December to $686 million today.

Charles Hoskinson hints of a Ripple and Cardano partnership

Most importantly, Cardano has struggled to attract meaningful stablecoin activity in its ecosystem. DeFi Llama data shows that its stablecoin supply stands at just $37 million, with the top tokens being Moneta (USDM), Anzens (USDA), and iUSD. Its USDC and USDT supply are just $4.25 million and $1 million, respectively.

Hoskinson also mentioned that his conversation with Ripple has centered on Bitcoin, which his team has been working on for years. A potential deal would see Cardano act as an axis point into Bitcoin DeFi, with XRP playing a role.

In another statement, Hoskinson suggested creating teams from Cardano, Near Protocol, and XRP to collaborate on long-term projects.

Still, Hoskinson’s statement should be taken with a grain of salt. In the past, he has hinted of collaborations with Chainlink and SpaceX that did not materialize.

ADA Price Technical Analysis as Chart Points to Big Move

The weekly chart timeframe shows that Cardano price has formed a symmetrical triangle pattern. Its upper side links the highest levels since December last year when it peaked at $1.3300.

The lower line connects the lowest points since August last year. With the two lines nearing their confluence, a breakout in either direction could likely happen soon.

A look back at the chart provides more hints that this will be a bullish breakout. That’s because the ADA price formed a triple bottom at $0.2700, its lowest level in January and July 2023, and July this year.

Cardano has now settled above the neckline at $0.8022, its March 4 high. Therefore, the most likely outcome is where it jumps, potentially to $1.3225, its highest point in December. This price also coincides with the 38.2% Fibonacci Retracement level.

A crash below the 50-week EMA at a $0.7115 will invalidate the long-term ADA price forecast and point to a nosedive to the triple-bottom point at $0.2700.

Frequently Asked Questions (FAQs)

The most likely scenario is where ADA price stages a strong comeback in the coming weeks as the two lines of the triangle near their confluence.

Charles Hoskinson has hinted at a Cardano and Ripple collaboration. However, his statements should always be taken with a grain of salt.

Technical analysis points to a strong rebound to its highest level in 2024, which is 55% above the current level.