XRP price It has been consolidated below the $1 level for a long time, and the expected rise has not yet occurred due to the impact of legal struggles. However, one crypto analyst predicts that the price may experience a significant breakout soon. Because the altcoin is currently stuck between bullish optimism and bearish pressure.
The analyst claimed that this balance confined the XRP price within a well-defined range, frustrating the attempts of both bulls and bears to dominate the market. Despite the difficulties posed by this prolonged sideways movement, the market expert emphasized that it is a very important foundation that contributes to the structural health of the coin.
Additionally, this helps XRP resist significant moves in either direction during prolonged consolidation. This prevents both upward and downward pressure.
“This consolidation phase has continued since August 2023 and lasted approximately 8 months. Although the extended horizontal movement may seem challenging, it represents a fundamental and structurally healthy formation.
Therefore, although this stability may be a bit challenging for traders looking to make quick profits, it indicates optimism in the long-term outlook.
At press time, XRP was trading at $0.609 and has recorded a slight correction of around 1% in the last 24 hours.
Despite the recent bullish sentiment, XRP still continues to consolidate below $0.70. This causes investors to wait for potential market movements towards the $1 target.
Analysts have identified $0.6649 as a critical support level and could play an important role on the path to the $1 target. On the other hand, an announcement about Ripple’s stablecoin could be a positive catalyst for XRP. Especially in the shadow of legal developments in 2023.
Additionally, the increase in whale activity around it may affect the short-term performance of the token; According to Whale Alert data, large amounts of tokens sent to exchanges can have a decisive impact on the price.
