XRP entered key accumulation zone as the price was in a lackluster action as of late with both sellers and buyers being unable to garner clear control over the near-term trend, hovering around $0.20 as we are reading more in the latest Ripple price news.
The consolidation came about as a result of the Bitcoin movement since it was struggling to gain any clear momentum as the price oscillates between the low region of $10,200 and the higher of $11,200. Because XRP entered key accumulation zone moving closely with BTC and the rest of the market, where it will head next will depend largely on whether the entire market will recapture the bullish momentum. With that being said, one analyst noted that the cryptocurrency is consolidating above the long-term base of support and says that this support will ultimately provide another major boost and will allow the price to start rallying towards $0.28 next.
If the XRP price moves to $0.28, it will mark a 20% climb from where it is trading now. at the time of writing, XRP is trading up over 3% at a current price of $0.24 which is around the same price level where it was trading over the past few days. The price dropped as low as $0.22 before it was able to find any major support with the bulls stepping up and making gains on the strong uptrend where this level was reached.
Bitcoin helped in the rebound as the benchmark cryptocurrency pushed from $10,200 to highs of $10,800 created a tailwind which lifted most of the assets higher. In order for XRP to continue ascending in the near-term, the bulls will have to continue defending against further losses. While speaking about where he expects XRP To go further, one analyst explained that the recent reaction to $0.22 shows how strong the base of support is for this cryptocurrency:
“XRP: The market is overly bearish, but the markets are actually on impressive support zones to accumulate some positions. Similar to XRP. Patience pays. Looking at some longs here, which could be towards $0.28 first in the next month.”
How altcoins such as XRP will trend in the upcoming weeks will depend on Bitcoin. The number one cryptocurrency has to be able to see sustained momentum if it reaches the $11,000 resistance.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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