XRP has been caught inside a good consolidation sample all through the previous few days, with its current parabolic rally slowing down as bulls battle to interrupt above the resistance within the upper-$0.60 area.
The current rally seen by the cryptocurrency happened after it broke above a long-held buying and selling vary between $0.20 and $0.30 that continued for a number of years.
One development that gave the crypto room to rally was the truth that Ripple – the corporate that’s intently related to the XRP token – stopped offloading their holdings every quarter, which beforehand created a powerful headwind for the cryptocurrency.
Moreover, an upcoming token airdrop that XRP holders will obtain has additionally been a catalyst for upside.
It’s now going through some intense resistance inside the mid-$0.60 area that must be damaged earlier than persevering with greater. Nonetheless, the mounting hype surrounding it does appear to point that upside is imminent.
One dealer is now setting his sights on a transfer in direction of $1.00, noting that its technical power coupled with mounting hype for the upcoming airdrop might spark and gas this subsequent leg greater.
XRP Stabilizes at $0.60 as Crypto Market’s Momentum Stalls
On the time of writing, XRP is buying and selling down simply over 1% at its present worth of $0.60. That is across the worth at which the cryptocurrency has been buying and selling all through the previous few days.
Following its current surge as much as highs of $0.90, the cryptocurrency has been caught inside a good and unrelenting consolidation part.
Till Bitcoin can resume its rally and set contemporary all-time highs, altcoins like XRP could proceed to see stagnating worth motion.
Analyst: XRP More likely to Rally Greater as Momentum Builds
One dealer is anticipating XRP’s worth to consolidate additional earlier than posting one other huge upsurge. He’s particularly wanting in direction of it seeing a transfer up in direction of $0.97.
In accordance with him, the upcoming Flare Networks Spark Token to XRP holders may be an impetus for upside.
“XRP appears to be like like she is prepping for a transfer in direction of .93-.97c imo. Under was the lows. Airdrop developing anticipating a bit of extra fomo main into it.”
Picture Courtesy of Pentoshi. Supply: XRPUSD on TradingView.
The approaching few days ought to shine a lightweight on XRP’s near-term outlook, as any Bitcoin weak spot might invalidate its bullish outlook and result in draw back.
Featured picture from Unsplash.
Charts from TradingView.