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After a brutal sell-off earlier in the year, XRP has spent the last quarter tightly consolidating
Hence, some analysts believe that a violent, volatile move is essentially imminent.
Prominent cryptocurrency analyst "Dom" (@traderview2) has said that XRP has been "going sideways for nearly 3 months now."
According to the analyst, a decisive market acceptance above the $1.47 level could trigger a rapid upward surge (provided Bitcoin (BTC) can actually supply the necessary bullish momentum for this to happen).
A coiled wedge
The 12-hour Binance chart shown by the analyst illustrates a textbook consolidation pattern.
After a massive capitulation wick down to the $1.10 region in early February, XRP has established a sequence of higher lows. This is visually represented by the yellow ascending trendline acting as dynamic support.
The lows are getting higher, but the upside has been repeatedly capped. This has forced the price into a tight, coiled wedge.
As Dom noted, "something's gonna snap soon" as the price runs out of room to consolidate.
The chart features a prominent orange descending line, likely a long-term Volume Weighted Average Price (VWAP) or similar moving average.
For months, this line has acted as heavy dynamic resistance, pushing the price downward. However, the current price action (hovering around $1.416) is finally converging with this line.
The immediate hurdle for XRP bulls is sitting roughly in the $1.45 to $1.47 range. This zone has rejected multiple breakout attempts since February.
Dan Burgin
U.Today Editorial Team
