One trader claims XRP will break through the $1.00 level as the airdrop hype enhanced and the coin was caught in a tight consolidation pattern over the past few days. There was also a parabolic rally slowing down as the Bulls tried to break above the upper $0.60 résistance level so let’s read more in our Ripple price analysis today.
The rally for XRP came after the coin broke above the long-held trading range between $0.20 and the $0.30 range which persisted for a few years now. One trend that gave the cryptocurrency more room to rally was the fact that Ripple stopped offloading the holdings each quarter which created a strong headwind for the asset. Furthermore, the upcoming token airdrop where XRP holders will receive tokens has been a major catalyst for an upside. The coin is now facing intense resistance in the mid $0.60 region which has to be broken before shooting higher. The mounting hype around it seems to show that the upside is imminent.
One trader claims XRP will set its sight on the $1.00 price range noting that the technical strength coupled with the mounting hype for the airdrop potentially sparking another leg higher. At the time of writing, XRP was trading down at over 1% of the price at $0.60 which is around the same price level where the crypto asset was trading for the past few days.
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Following the surge to $0.90, the cryptocurrency was caught in a tight consolidation phase. Until BTC is able to resume the rally and set fresh highs, altcoins like XRP could continue seeing stagnating price action.
One trader expected that XRP’s price will make another consolidation pattern further before posting a massive upsurge and he is looking at a move towards $0.97. According to him, the upcoming Flare Network Spark Token to XRP holders could be a new signal for another upside:
“XRP looks like she is prepping for a move towards .93-.97c imo. Below was the lows. Airdrop coming up expecting a little more fomo leading into it.”
The upcoming few days could shine a light on the near-term outlook for XRP as any BTC Weakness will invalidate the bullish outlook and could lead to a new downside.
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