Ripple’s XRP to Hit $1.35 After This Resistance Breaks While Cardano (ADA) Shows Mixed Signals Despite Recent Bullish Spikes
Top crypto analyst @Cryptoinsightuk remains bullish on XRP and ADA overall, seeing both primed for aggressive moves higher despite some recent price consolidation.
For XRP, massive short interest has built up, setting the stage for a short squeeze. @Cryptoinsightuk points to a huge spike in open interest as XRP declined, representing over $100 million worth of shorts added. Even as price dropped further, open interest remained elevated, signaling heavy short positioning.
@Cryptoinsightuk believes a break above key resistance around $0.64 could trigger an explosive move in XRP, as short sellers scramble to close out positions. This could create a cascading effect driving rapid gains, with the analyst eyeing a target range of $0.89 to $1.35. The bullish divergence between price and RSI also supports the bull case.
As for ADA, some deceptive signals recently made it appear bearish, including massive red 4-hour candle volume. However, @Cryptoinsightuk notes that drilling into the hourly chart shows most of that volume occurred on green, bullish candles.
ADA remains firmly in an uptrend, making higher lows and highs within a parallel channel. With open interest also cooling significantly, the analyst maintains his longer-term bullish outlook. The uptrend remains intact despite the consolidation.
In summary, both XRP and ADA are consolidating but could be on the cusp of major breakouts. For XRP, the crowded short positioning creates conditions ripe for a squeeze higher on a technical breakout. And ADA continues trending up within its channel, with bullish hourly volume overriding the bearish signals.
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As leading altcoins with strong fundamentals, XRP and ADA remain attractive opportunities for traders despite choppy conditions recently. Their technical and on-chain setups position both cryptos well for potentially aggressive moves higher, once their consolidations resolve to the upside. Traders and investors may want to watch for the key breakouts to play out.
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