Price Analysis

XRP Price Exhibiting 2017 Vibes While Cardano Price Looking Ready for a Markup Move: Will They Reach $0.5?

The tokens within the top 10 that have faded over time, Ripple (XRP) and Cardano (ADA), are again strengthening their presence. The prices are slowly inflating during times when the other tokens are consolidating within a narrow range. This suggests the tokens are about to break out of a prolonged accumulation phase, which may end up setting up a fresh bullish phase soon. Both the XRP & ADA prices have triggered a decent rebound and seem to be self-assured of maintaining a decent upswing ahead. 

Will Ripple (XRP) Price Rise 15% in July?

The XRP price has been undergoing an extreme price squeeze ever since it reached its highs in March. Since then, the token has remained stuck within a falling wedge, which more or less resembles a decisive symmetrical triangle. However, the levels are at the edge of consolidation, which indicates a strong ascending trend could be on the horizon. 

The XRP price has been closely consolidating within a narrow range for over a couple of days, which displays the possibility of major price action soon. The RSI has remained below average for over a couple of months, failing to rise above 55 levels. The volume has dropped heavily, which could lead towards extreme compression. It may result in a major explosion, which could break above the resistance and reach close to $0.5, followed by testing higher targets like $0.54 and $0.57. 

Cardano (ADA) Price Aiming to Reach $0.5

Cardano followed the market trend and raised significantly, however, the bears who dominated the rally slashed the levels by over 50%. After a huge setback, the price appears to have approached the end of the bearish consolidation. Similar to XRP, the ADA price is consolidating within a narrow range and is preparing for the next price action.

The ADA price is unable to rise above $0.4 for more than a week and hence the extended consolidation may lead to excessive compression. Historically, extensive compression has led to a giant price action, which may further lead to a rise to 0.38 FIB at $0.44. However, until the price does not reach 0.5 FIB at $0.513, the bearish flag may continue to flutter over the rally. The RSI has triggered a rebound and hence the price is believed to achieve local resistance above $0.5 shortly.

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