XRP consolidating and following ETH’s parabolic pattern before it broke resistance


XRP, the fourth largest cryptocurrency according to coinmarketcap, has always attracted users for its macro consolidation phases. In recent years, the currency has been stuck in the consolidation phase at macro levels against the USD and BTC trading pairs of the market.

XRP chart
Source: coinmarketcap

This directly led to the movement of the XRP community or the so-called XRP army to migrate to other crypto projects. While XRP hasn’t lost all of its investor confidence, many still see it as an option for the short-term profit earring tool. The parabolic behaviors of the coin are the main reason for this.

Internet analysts are discovering a similarity in the charts of XRP and Ethereum. They believe that XRP’s current price movement and Ethereum’s recent parabolic moment are quite similar. This even led XRP to an uptrend in the market breaking the $ 0.20 Resistance and currently trading at $ 0.25 at the time of writing.

Current consolidation of XRP

In the past 24 hours, XRP has decreased by 0.02%. Throughout the week, it failed to gain significant momentum, causing traders to struggle in the market. Last week’s chart shows that the coin is trading between $ 0.24 and $ 0.26. The current analysis of the coin shows that in the next few days if XRP fails to break out of the $ 0.26 resistance level, it could revert to the $ 0.20 support level and possibly beyond.

XRP chart
Source: coinmarketcap

Will XRP gain momentum in the future?

Ripple, the open source platform and founder of RippleNet, can give momentum to XRP, but to do so it will need significant partnerships in the market. Ripple’s news that it is considering moving its operations to London due to U.S. government regulatory issues may help stop XRP’s consolidation phase.

What’s for the future?

XRP could be seen gaining significant momentum as low as $ 0.30 over the next few days for a short time. If that happens, it will be similar to ETH, where Ethereum followed the same pattern before breaking the Resistance. But in the past, XRP had been unable to follow the momentum of the market and gain momentum like other major cryptocurrencies in the market.

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