XRP price has seen some mixed price action in recent weeks. After suffering an explosive rebound that caused XRP to skyrocket to $ 0.33 last week, it has been consolidating below the 0.3 support level – which is struggling to attract more strength.
Analysts note that this period of ongoing consolidation could be the calm before the storm. A trader is pointing out a lot of different factors that suggest XRP may be at its peak at the start of its first go to the moon.
The bulls are protecting XRP price for critical support as analysts are more favorable
Some of these factors include its ability to bounce back to its 200-day moving average, which also happens when it has significant horizontal support.
Another analyst is repeating this view, noting that the consolidation of the token below its resistance is an extremely bullish sign that suggests a breakout rally is imminent.
At the press time, the XRP price is trading just over 3% up at its current price of $ 0.3017. This is a remarkable level as $ 0.30 becomes a minor resistance. Currently, the zone below $ 0.30 is having significant resistance, as this is where it faced strong rejection when its price peaked at $ 0.33 last week.
The next trend for XRP may be slightly dependent on Bitcoin and the synthetic cryptocurrency market, as all significant altcoins are currently caught in the stages of consolidation. This could, in part, be a result of investors starting to focus heavily on smaller altcoins – which have posted outrageous gains over the past few weeks.
Until these tokens give up their momentum, significant digital assets may continue to stagnate.
While talking about XRP’s current technical outlook, crypto analyst Pentoshi explained that he believes XRP could go to the moon soon as it holds above its 200-day moving average and calendar support important history.
$XRP Update:
Rebuying the 200D MA retest
Confluence with major historical support.
Hold it equals moon. It’s that simple pic.twitter.com/PCMLTa1Yhm
— ?Pentoshi (@Pentosh1) August 9, 2020
In addition to holding above the main moving averages and the horizontal support, XRP is also forming a classic bullish pattern as it consolidates below the resistance.
While talking about this, analyst Gat explains that he is expecting it to see an imminent breakout in the coming days.
He said:
“XRP consolidating under resistance, expecting a nice breakout soon.”
The XRP trend in the coming days is likely to have an impact on its macro outlook.
Read more:
- XRP Price Could Soon Erupt Higher To $0.4 Once It Consolidates Around The Pivotal $0.3 Horizontal For Number Of Weeks
- Ripple Started Buying Back XRP From The Open Market – How About The Future Of XRP?