XRP Stuck in Consolidation Range Ahead of Potential Break
XRP's price continues to hover near $1.49 as traders await a break above resistance, which could potentially send the cryptocurrency soaring.
The XRP price has been stuck in a consolidation range for weeks, with some analysts saying it needs a clear break above resistance to move higher. According to EGRAG CRYPTO, XRP is still stuck in a wider consolidation range and a close above the upper resistance zone would need to hold before a new expansion phase could begin.
Despite being in a trading range, investors continue to show interest in XRP through regulated fund products. Spot XRP ETFs saw $13.24 million in net inflows on August 21, marking the third straight day of positive flows. Total holdings across these ETFs are now close to $1.2 billion.
Some traders point to the $6 to $7 zone as a longer-term target based on past cycles. However, it's essential to note that this pattern does not guarantee a repeat, and XRP's price action could be influenced by various factors.