XRP has seen some intense turmoil in the past few weeks, but the cryptocurrency is now facing intense consolidation as analysts expect further insight into where the rest of the market will perform in the days and weeks ahead.
The resistance the cryptocurrency faces in the mid to upper region of $ 0.60 is quite strong and could further hamper its price movement in the short term.
Until there is a second wave of buying pressure that causes “legacy altcoins” like XRP to rise, the cryptocurrency will potentially expand this sideways trade further.
A trader recently stated in a tweet that it is watching for the cryptocurrency to have massive momentum in the short term and that the impending drop of air XRP holders are receiving could spark further impetus.
That drop of air is widely viewed as the kick-off of this entire rally the cryptocurrency has seen, with the recent break above its multi-year highs of $ 0.30 also creating the momentum.
If the above trader’s upside target comes into play, the cryptocurrency will likely hit its recent highs in the middle of $ 0.70 in the coming days.
XRP continues to consolidate as the sideways trade continues
At the time of writing, XRP is trading slightly at its current price of $ 0.63. Here has been trading in the past few days
The resistance just above the current trading level is substantial and has slowed its rise several times over the past few days and weeks.
If it can regain its momentum and push up in the short term, there is a strong chance the cryptocurrency will begin the second leg of its parabolic journey higher.
This is where analysts think there might be a trend next
A dealer explained In a recent tweet, he anticipates that the XRP will rise in the coming days and weeks as the much-anticipated drop of air approaches.
It is widely believed that this drop of air sent to XRP holders started this whole move up, meaning it could continue to be a bullish catalyst.
He believes an upward move towards the $ 0.70 region is imminent in the near term.
“XRP: I’m pretty sure this does something crazy that leads to the drop. Still a total shit. “
Image Courtesy of Loma. Source: XRPUSD on TradingView.
Where all of the market trends will completely depend on the rest of the market in the medium term, any strength or weakness in Bitcoin and Ethereum will affect the price development of XRP.
Featured image from Unsplash. Charts from TradingView.