According to the famous trader, Ripple (XRP) is ready to reach $ 1 – but how?
XRP has caught up in a tight consolidation pattern over the past few days. The recent parabolic rally slowed as the bulls tried to break above the resistance in the $ 0.60 zone.
The last rally seen by the cryptocurrency occurred after the price broke above a trading range of $ 0.20 to $ 0.30 that has been going on for several years.
The factor that triggers the rise
One trend that helped the cryptocurrency to recover was that Ripple, the company closely associated with the XRP token, stopped draining its assets every quarter. This situation has previously created a strong wind for cryptocurrency.
In addition, an upcoming token airdrop to be received by XRP holders has also become an upside catalyst.
Currently, XRP is facing intense resistance in the $ 0.60 middle zone, which must be broken before continuing to rise.
A trader is now staring at the $ 1 level. He points out that the exciting technical force for the upcoming airdrop could fuel the move to the next price level.
XRP strengthens this level
XRP is currently trading at $ 0.60. This is the price level the cryptocurrency has been trading at for the past few days.
After rising to $ 0.90, the cryptocurrency was caught in a tight and relentless consolidation phase.
Until Bitcoin continues its rally and reaches all-time highs, altcoins like XRP may continue to see sluggish price movements.
Analyst: XRP will likely rise higher as momentum increases
A trader expects the price of XRP to further consolidate before publishing another big rise. Especially looking to see a move towards $ 0.97.
According to him, the Flare Networks Spark Token approaching XRP holders could also be an upward driver.
The next few days will shed light on the short-term outlook for XRP as any Bitcoin weakness could invalidate the bullish outlook and lead to negativity.