As XRP trades sideways for over six months, a prominent market analyst suggests this elongated consolidation could lead to a sharper price uptick.
According to crypto analyst Sjuu, the digital asset has spent approximately 190 days consolidating within the $2 and $2.6 mark, frustrating both bulls and bears. This movement followed the cooldown from the rally that pushed XRP to $3.40 in January.
While enthusiasts eagerly await a continuation of the bullish trend, the coin has taken longer than expected to climb, despite Ripple’s favorable partnerships, regulatory news, and improved market sentiment during this period.
Support Holding, but Resistance Still Dominates
On the 12-hour XRP/USDT chart shared by Sjuu, XRP recently bounced from the support area around $2.10, showing signs of resilience.
However, upper resistance zones near $2.60 and $2.90 continue to cap any breakout attempts, keeping the asset in a prolonged state of indecision.
Sjuu XRP chart shared on X
Notably, this observation follows XRP’s dip to $2.08 on May 31. It has since recovered slightly to around $2.28, but at press time, it’s trading lower at $2.18.
With this continued range-bound pattern, Sjuu pondered whether XRP will ever break out and how long it could take. This back-and-forth price action has left holders frustrated.
“The Longer the Consolidation, the Stronger the Breakout”
Despite the sluggish price action, Sjuu remains optimistic. The analyst reminded XRP investors that extended consolidation periods often precede significant price movements.
This perspetive recalls how XRP staged a dramatic 6X rally between November 2024 and January 2025 after consolidating for seven years. As XRP now enters another passive phase, market participants are watching closely for a decisive move.
Key Levels to Watch for an XRP Comeback
In a separate commentary, analyst EGRAG highlighted $2.30 as a key short-term resistance level.
A three-day candle close above this mark and the 21-day EMA could confirm a double bottom and trigger a rally toward $2.50, $2.65, and even $3.00.
XRP would need just a 7% gain to break this level, though bearish sentiment remains a challenge. Support at $2.07 is considered crucial for maintaining the bullish setup.
Meanwhile, EGRAG’s analysis suggests that XRP has the potential for a 1,200% surge to $25 once bullish momentum takes hold.
This projection is largely based on the Elliott Wave structure, which suggests XRP has completed its corrective Phase 2 and may be entering a bullish Wave 3.
This correction followed XRP’s peak of $3.40 in January, with a dip to $1.60 before rebounding above $2.00. Though recent price action remains sluggish, momentum could soon build.
Moreover, analyst XForceGlobal presented an even more bullish outlook, targeting $40 for XRP, while calling $10 a conservative estimate based on the same Elliott Wave structure.
Read the full article here
