Cardano (ADA) and XRP Price Analysis: Will the Memecoin Duo Head Towards the Interim Target at $1?

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

Bitcoin price rally has also impacted the memecoin and altcoin space in a big way. Most altcoins, including the popular Cardano & XRP, have noted a magnificent upswing from the prolonged consolidation. Both the tokens’ price action has showcased more or less the same volatility. Now that both have initiated a rise over a prolonged consolidation, ADA & XRP price is expected to eye the interim target at $1.

Cardano (ADA) Price Analysis

Cardano price witnessed one of the finest upswings of over 65% in the past week, which brought the levels above the bearish range. However price seems to have stalled as the bears jump in action to extract profits at every higher level that advances towards the interim highs Now that the price begins to consolidate, will ADA price clock a strong ascending trend to $1?

The recent upswing has pushed the price above the Gaussian channel and a continued rise above $0.68 or $0.7 might have flipped the indicator to bullish. The RSI which was on the verge of breaking out at the upper threshold has now displayed a bearish divergence. Despite this, the bulls still have a wider ground to cover as the bullish momentum has been quite dominant. Hence a rise above the interim resistance near $0.8 could uplift the levels past $1.

XRP Price Analysis

XRP price is attempting hard to sustain within the gained resistance between $0.62 and $0.65, which is expected to uplift the levels in the bullish zone. The price rebounded from the monthly lows below $0.5 and began a fine rally, aiming to reach $0.9. However, the bears have stalled the rally progression that has varied the possibility of XRP price reaching $1.

As observed in the above chart, the XRP price maintains its trade within the rising parallel channel, aiming to enter the upper bands. Meanwhile, the RSI is also trading within a rising parallel channel and is consolidating in the upper bands. One thing to be noted here is that the trading volume does not seem to have risen above the average, which might not be good for the XRP price rally. Hence if the price rises above $0.7, then a rally to $1 could be imminent.

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