XRP Consolidation Sets Stage for Potential Breakout in Q3
XRP has been experiencing a period of consolidation after failing to make a decisive move in recent sessions. Analysts believe this sideways trading could be laying the foundation for the next major rally.
According to analyst Umair Orakzai, the current 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 setup would no longer be valid, says Orakzai.
Strong ETF inflows and buying demand from South Korean investors are helping XRP stay stable despite recent selling pressure.
Another analyst, @InvestWithD, believes XRP is approaching one of its most important technical setups in years. The multi-year falling wedge is nearing its breakout point, with potential targets at $1.50 or $0.90.