XRP Consolidation Builds Up for Potential Breakout
XRP's price has been stable despite recent selling pressure, and analysts believe it may be building up for a breakout. The altcoin is currently consolidating under $1.11, which is seen as a positive sign by some market watchers.
According to analyst @Umairorkz, the current sideways movement is normal and supports the bullish outlook. However, the next move will depend on how XRP reacts around $1.11.
If XRP briefly moves above $1.11 but fails to close above it, the current outlook remains unchanged. But if it closes above $1.11, the analyst believes this setup would no longer be valid.
Another analyst, @InvestWithD, points out that XRP is approaching a multi-year falling wedge, which could lead to a large directional move. The weekly logarithmic chart shows XRP compressing inside the wedge, with price nearing the apex.
The next major hurdle for XRP is the $1.40-$1.50 resistance range. A confirmed weekly close above this zone could trigger a broader bullish expansion with potential upside targets at $2.00, $2.30, $3.66, and $4.90.