-12%, -8.3% and -7.5% - Why were Cardano, Solana and XRP hit hardest today?

-12%, -8.3% and -7.5% – Why were Cardano, Solana and XRP hit hardest today?

The cryptocurrency market as a whole has been experiencing a serious decline lately. Considering the first half of 2022, this is nothing new either. The market cap of the larger crypto market has dropped over 14% in the last week alone. And the latest CPI figures from the US have been nothing short of a kick in the gut.

However, the last 24 hours have been particularly challenging for a few altcoins in the market, namely Cardano, Solana, and XRP. These fell 12%, 8.3% and 7.5%, respectively. Let’s take a look at their charts.

Source: Tradingview

From the charts, it’s pretty clear that these three cryptocurrencies have dropped consecutively since their November highs. Now, while the broader crypto market is down an odd 3.5%, one of these three coins has managed to drop by double digits. The other two seemed just a blink of an eye away from breaching a similar zone.

cardano

It has become one of the most hyped billion-dollar-plus cryptocurrency in space. A lot has been promised to people, but what about the price of ADA? The downward slump that started in mid-November and still continues hasn’t helped much either. Even the Vasil hard fork expectation was not enough to show some positivity in the lists.

Technically speaking – thanks to a minor rally in the third week of March – ADA is trading above a long-term trendline resistance that has turned to support. However, it should be noted that it is still about 83% below the November high.

It is now well known that there can be a number of metrics that can indicate whether a coin is in good condition. However, only a handful of people tell you this the fastest. Most indicators are lagging – The prices of these assets are the fastest indicator of bad news, followed by the number of active users.

In fact, according to data from Santiment, Cardano’s Daily Active Addresses are eroded almost daily.

Daily Active Addresses | Source: Santiment

to the left

Now, this altcoin can best be described as amazing, but we’ll get back to that later.

From a technical standpoint, it fell below every imaginable support level. It is currently trading around August 2021 levels on the charts, levels seen before it rose close to 500%.

But this one comes with a few good things in its bag though. From the network thriving NFT craze to incredible transaction speeds – Solana has it all. However, occasional network outages have been a constant source of worry and pain for investors and network participants alike.

Now comes the surprising part – On-chain metrics seem to hold somewhat steady despite the purely negative price action. For example, Development Event data is slightly below November 2021 levels! This is really confusing considering how much market value it lost in the interim. Oddly enough, the social dominance data is also doing pretty well.

Development Activity | Source: Santiment

XRP

XRP has been trading somewhat in the range last month, and with the positive developments coming from the courtrooms, the 7.5% drop came as a surprise. However, it is mostly in line with the weights of the market, including Bitcoin and Ethereum. The last two are down 5% and 7.2% respectively as of press time.

It forms a base around $0.3 and investors are patiently waiting for the day it will manage to break out of the $1 zone. However, on-chain measurements also seem to suggest attractive valuations for the coin.

XRP’s 30-day average MVRV Ratio is currently around -12.5%, suggesting that it is trading well below the ‘fair value’.

MVRV Rate (30-days) | Source: Santiment

Generally speaking, Solana and XRP are doing pretty well, despite massive sales, with the exception of Cardano. However, with the crypto winter continuing with well below freezing temperatures, your guess is as good as mine as to when these coins will be able to revive themselves.

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