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The crypto ecosystem is in a general consolidation mode with XRP riding the wave in a personalized manner. The price of the digital currency has stayed relatively flat over the past 24 hours, gaining 0.70% to $0.5078. The consolidation effect on XRP is even more profound considering its tight trading range from a low of $0.4992 to a high of $0.5133 within 24 hours.
The XRP price has traded at a favorable discount enough for market bulls to begin accumulating the coin in hopes of pushing it to a higher range. Before the current set-up for mega growth, XRP printed its first death cross for the year as its short-term moving average crossed below the long-term moving average as highlighted in an earlier U.Today report.
While this troubling setup was expected to force a more downward slip-up in the price of XRP, it has proven to be a trigger for more intensive accumulation. Intriguingly, the trading volume of XRP, which recorded a massive plunge earlier, has thinned out and is now pegged at $754,553,910 with a 2% surge over the past 24 hours.
XRP has not retested $0.6 since mid-January, and this price level stands as the primary target if the ongoing consolidation turns out to be a sustained bullish move.
XRP catalysts to watch out for
The urge to grow needs to be backed up by a solid fundamental that XRP is mustering up at a very definitive pace, from the growth of XRP Ledger that has seen the emergence of protocols like Evernode (EVRS) and Xahau Sidechain to the growing embrace of the coin for cross-border transactions by Ripple.
These fundamentals are not necessarily impacting the price of XRP much at the moment, but from projections, they might shape the future of the coin positively.
Arman Shirinyan
Alex Dovbnya
