XRP has faced intense turbulence in recent weeks, but the cryptocurrency is now facing intense consolidation as analysts wait for more insights on where the rest of the market will evolve in the coming days and weeks.
The resistance the cryptocurrency is facing in the mid to higher USD 0.60 region is quite intense and may continue to hinder price action in the near term.
Until there is a second wave of buying pressure causing ‘legacy altcoins’ like XRP to rise higher, the cryptocurrency could continue to expand this period of sideways trading,
A trader explained in a recent tweet that he is looking forward to the cryptocurrency to see tremendous momentum in the near term, noting that the upcoming airdrop that XRP holders will receive could create even more momentum.
This airdrop is widely seen as the impetus of this entire rally that the cryptocurrency has seen, with the recent break above its multi-year range highs at $ 0.30 also driving the momentum.
If the above trader’s upward target materializes, the cryptocurrency will likely revisit its recent highs in the mid-USD 0.70 region in the coming days.
XRP continues to consolidate as the series of sideways trading continues
At the time of writing, XRP was drops marginal at the current price of $ 0.63. This is roughly where it has been trading for the past few days.
The resistance just above where it currently trades is significant and has slowed the rise several times in recent days and weeks.
If it can regain momentum and push higher in the short term, chances are the cryptocurrency will start the second leg of its parabolic journey higher.
Here’s where analysts think it could be the next trend
This airdrop – which will be sent to XRP holders – is widely believed to be the cause of this entire move higher, meaning it could remain a bullish catalyst.
He believes a rise to the region of $ 0.70 is imminent in the near term.
XRP: I’m pretty sure this is doing something freaky leading up to an airdrop. But still a complete shitter. “
Image Courtesy of Loma. Source: XRPUSD on TradingView.
Where the entire medium term market trends totally depend on the rest of the market as any strength or weakness between Bitcoin and Ethereum will affect XRP’s price action.
Featured image from Unsplash. Charts from TradingView.