Ripple (XRP) Flashes Signs of Life After Multi-Year Consolidation, Analysts Expect A Breakout To This Level

XRP saw its price plummet after the lawsuit with the SEC. But after extensive sideways ranging, technical analysts have taken notice of early bullish signals emerging on the charts. With key resistance levels in play, the door may stand open for 24% near-term upside after crypto’s most prolonged consolidation period on record.

Bounce at $0.54 Offers Clues to Range Break Ahead

As analyst Cryptoes noted, throughout its multi-month consolidation phase, XRP has consistently bounced off support around $0.54. But with the long-standing ceiling at $0.578 still intact, prices remain stuck, bouncing between two technical barriers.

Only a decisive daily close above $0.578 resistance would confirm XRP breaking from its ranged purgatory, according to Cryptoes. Until that final hurdle gets surpassed, bulls must continue playing defense around $0.54 support.

3 Years of Ranging Precedes Major Breakout

X account 25hoursawake offers added context on the grueling sideways chop that XRP has contended with its earlier parabolic peak. After three painful years of directionless price action, he believes XRP may finally approach an inflection point.

With range resistance wearing down through repeated tests, the coiled spring appears ready to unleash based on historically analogous setups. Still, a clear upside confirmation remains pending.

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Technicals Support Reversal Potential

Offering an additional layer of insight, altFINS points to improving technicals on XRP’s price charts. XRP’s breakout from the confines of a multi-month downtrend channel signals a bullish trend change, according to their analytics.

With price stability also reasserting itself above the key $0.54 support, the initial measured move upside target sits around $0.68 – representing 24% prospective gains from breakout confirmation.

After crypto’s most grueling bear market on record, the conditions for volatile reversals may now come into focus. XRP has notably weathered immense selling pressure in the face of SEC litigation and delistings from major exchanges.

Years of ranging later, the ultimate contrarian opportunity could emerge if range resistance finally falters for a new bull market. But XRP bulls still await definitive proof of that next breakout catalyst before calling an end to the long crypto winter.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency