As the Bitcoin price inches close to $90,000, the memecoin space has geared up. The majority of altcoins have also risen over the prolonged consolidation including the most popular ones’, Cardano & XRP. The price action of both the tokens has been displaying more or less the same volatility. Now that they have initiated a rise over a prolonged consolidation, the prices of ADA & XRP are believed to head towards the interim target at $1.
Cardano (ADA) Price Analysis
Cardano’s price witnessed one of the finest upswings of over 65% in the past week, which elevated the levels above the bearish range. However, the bears seem to have jumped in action as they continue to extract profits as the levels advance towards interim highs Now that the price has begun to consolidate, will the ADA price revamp a strong ascending trend to $1?
The recent rise has pushed the price above the Gaussian channel and a continued rise above $0.68 or $0.7 may have flipped the indicator to bullish. The RSI which was about to surpass the upper threshold, has displayed a bearish divergence. Regardless of this, the Bulls still have more room to thrive as the bullish momentum has been pretty dominant. Therefore, a rise above the interim resistance close to $0.8 may elevate the levels beyond $1.
XRP Price Analysis
XRP price is trying hard to sustain within the gained resistance between $0.62 and $0.65, which is expected to elevate the levels within the bullish range. The price rebounded from the monthly lows below $0.5 and initiated a fine rise, aiming to reach $0.9. However, the bears have hindered the progress of the rally which has differed the possibility of XRP price reaching $1.
As seen in the above chart, the XRP price maintains its trade within the rising parallel channel, aiming to enter the upper bands. Meanwhile, the RSI remains within a rising parallel channel and is consolidating within the upper bands. Unfortunately, the trading volume doesn’t seem to have risen above the average, which may not be good for the XRP price rally. Therefore, if the price rises above $0.7, then a rise to $1 could be imminent.
Source: https://coinpedia.org/price-analysis/which-among-these-top-10-tokens-will-hit-1-first-cardano-ada-or-xrp/