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XRP’s price action has been similar to how it has been over the past couple of years, with consolidation in the region in the mid $ 0.20 while being completely unable to pick up any kind of sustainable trend.
This consolidation phase took place despite the strength seen by Bitcoin and the rest of the crypto market.
Much of the lackluster price action of the cryptocurrency can be attributed to its lack of usefulness and the decline in community momentum.
Although XRP had built one of the strongest communities on social media throughout 2017 and 2018, reports of Ripple’s relentless quarterly token discharges, coupled with its poor price action, caused the disintegration.
While this is an underlying weakness, one analyst still believes the cryptocurrency may only be a week or two before it begins its next bull run.
Note that it is completing a bottom formation on its weekly chart and may soon rise above its 2017 resistance, which ended up being XRP’s support for 2018.
XRP continues to consolidate despite Bitcoin’s strength
Bitcoin is currently attempting to break out of $ 13,200, a key resistance level that has slowed its rise over the past week.
Although a break above this level would be bullish for the aggregate market, altcoins like XRP and even Ethereum have struggled to see strong momentum in recent times.
At the time of writing, XRP is trading down just under 2% at its current price of $ 0.25. This is where it has been trading in the past few weeks.
Its key resistance lies between $ 0.30 and $ 0.32, although it could also face some selling pressure if it manages to push higher towards $ 0.28.
Analyst: The embattled token may be just a couple of weeks away from a bull market
Despite its poor price action seen in recent times, an analyst believes a serious bull run could be around the corner.
He Notes that this rally will begin when the cryptocurrency is able to break out of the $ 0.30 to $ 0.33 region.
“XRP: The bull run starts above .30-.33c. 17 ′ resistance. 18 ′ support. Weekly rounding. However, not quite yet. Maybe in a week or two it could close above allowable BTC. But for now it’s overdue, “he said.
Image Courtesy of Pentoshi. Source: XRPUSD on TradingView.
The next business trend will likely depend on the aggregate market. If Bitcoin and Ethereum can continue to push higher and create a favorable wind, they could also lift assets like XRP.
Featured image from Unsplash. Charts from TradingView.
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