XRP’s price action has lately been pretty sluggish as buyers and sellers have been stuck trying to take control of the cryptocurrency’s short-term trend.
This lack of momentum is not new to XRP as the token has been stuck in a macro-consolidation phase for the past few years against both USD and BTC trading pairs. This caused its community to dry up, and the so-called “XRP Army” has evaporated drastically, moving to other projects. It’s important to note that XRP still has growth potential, as many traders still see the cryptocurrency as a short-term tool for earning due to its tendency to see parabolic movements.
An analyst now points to some striking similarities between the price action before Ethereum’s recent parabolic move and the current price action of XRP. This implies that he could see a serious uptrend raising it towards resistance above the $ 0.20 zone.
XRP Continues Consolidation As Analyst Favorite
XRP is trading slightly below $ 0.26, down 1.5% in the past 24 hours at the time of writing. As buyers and sellers struggle to gain any momentum, the cryptocurrency’s price ranges from $ 0.24 to $ 0.26, last week’s low.
If it fails to cross the upper limit of this trading range, it can either continue to consolidate or slide back towards the major support in the $ 0.20 lower zone. The buying pressure here is always good and should remain constant as long as it remains up.
Unless XRP is starting to gain greater benefit through Ripple partnerships, any price pump in the near term will likely be fleeting as it is backed by short-term traders.
A Higher Thrust
Popular analyst Smart Contracter shared his thoughts on the current outlook of the embattled cryptocurrency, explaining that he expects it to see a short-term rise and follow in Ethereum’s footsteps.
Pointing out the similarities seen between the charts of the two entities, the analyst used the following statements:
“Basically XRP seems to be trying to do what ETH did before it broke out yesterday.”