XRP’s price action has been similar to how it has been for the past couple of years, with it consolidating in the mid-$0.20 region while being wholly unable to garner any type of sustainable trend.
This consolidation phase has come about despite the strength seen by Bitcoin and the rest of the crypto market.
Much of the cryptocurrency’s lackluster price action can be pinned on its lack of utility and waning community momentum.
Although XRP had built one of the strongest communities on social media throughout 2017 and 2018, reports of Ripple’s incessant quarterly token dumps, coupled with its lackluster price action, has caused this to disintegrate.
Despite this being an underlying weakness, one analyst still believes that the cryptocurrency could be just a week or two away from starting its next bull run.
He notes that it is rounding off a bottom formation on its weekly chart and could soon break above its 2017 resistance – which ended up being XRP’s 2018 support.
XRP Continues Consolidating Despite Bitcoin’s Strength
Bitcoin is currently attempting to break above $13,200, which is a key resistance level that has been slowing its ascent for the past week.
Although a break above this level would be bullish for the aggregated market, altcoins like XRP and even Ethereum have been struggling to see any strong momentum as of late.
At the time of writing, XRP is trading down just under 2% at its current price of $0.25. This is around where it has been trading for the past few weeks.
Its key resistance sits between $0.30 and $0.32, although it may also face some selling pressure if it can push up towards $0.28.
Analyst: The Embattled Token May Only Be a Couple Weeks Away from a Bull Market
Despite its lackluster price action seen as of late, one analyst does believe that a serious bull run could be right around the corner.
He notes that this rally will start once the cryptocurrency can break above the $0.30 to $0.33 region.
“XRP: It’s bull run starts above .30-.33c. 17′ resistance. 18′ support. Rounding off on the weekly. Just not quite there yet though. Maybe in a week or two it can close above BTC allowing. But for now it’s lagging,” he said.
Image Courtesy of Pentoshi. Source: XRPUSD on TradingView.
Where the asset trends next will likely depend on the aggregated market. If Bitcoin and Ethereum can continue pushing higher and create a tailwind, it could also lift assets like XRP.
Featured image from Unsplash. Charts from TradingView.