Ripple (XRP) Trapped Below Key $0.60 Resistance; But 30% Surge Looms

Amidst XRP Price Drops, Analyst Eyes 55X Surge on SEC Lawsuit Resolution
Source: Crypto Economy

The wider crypto markets look poised right at crucial levels presently that typically precede massive directional breakouts. While fresh Bitcoin momentum stands ready to accelerate altcoin gains, one outlier unaffected by recent turbulence remains XRP. Instead, Ripple’s token continues to range tightly in anticipation of its own volatile move soon.

Although XRP logged weekly gains earlier, this past week’s selling has nullified the upside as prices returned within recent bounded territory below the $0.60 mark. The Bulls have faced immense difficulty sustaining any decisive breaks above this resistance zone since late January. 

The lack of direction and momentum has irritated traders seeking quicker profits who now see alternatives in the space. Resulting volumes and volatility figures have shrunk as XRP stays capped in a compression range awaiting its next trending move.

XRP still eyes a potential upside

Long-term indicators still project hope of an advancing bull market eventually, but require the token to reclaim local highs with conviction first. Currently, the crucial technical hindrance involves a large symmetrical triangle pattern that has dictated price action since September peaks.

As XRP hovers very near the apex point, the typical volatility decline suggests bulls are biding time and building pressure for the subsequent breakout. This interpretation agrees with the weekly MACD indicator flashing an impending bullish crossover. 

So despite an uneventually short-term trading outlook, Ripple maintains a decidedly bullish bias, according to analysts, pending the necessary triangle escape. A successful break above the critical $0.60 ceiling can set the stage to retest tops above $0.85.

However, failing to overcome resistance risks confining XRP to further directionless trading. Yet with positive signs brewing both on- and off-chain, the patterns signal anticipation of a 30% rip higher once selling pressure fully abates.

So while frustrating to hodlers, XRP’s sleepy price action appears to be a stall tactic before the next major advance, judging by the charts. All indications now center on a volatile breakout bid likely approaching around the apex in the coming weeks.

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