Analyst Who Called Ethereum’s Parabolic Breakout Says XRP is Next
XRP’s price action has been rather lackluster as of late, with buyers and sellers remaining deadlocked as they struggle to gain control of the cryptocurrency’s near-term trend.
This lack of momentum isn’t new for XRP, as the token has been stuck within a macro consolidation phase throughout the past few years against both its USD and BTC trading pairs.
This has caused its community to dry up, with the so-called “XRP Army” largely evaporating as they move on to other projects.
It is important to note that XRP still has growth potential, as many traders still view it as a short-term vehicle to provide gains due to its tendency to see parabolic moves.
One analyst is now pointing to some striking similarities between Ethereum’s price action before its recent parabolic move and XRP’s current price action.
This insinuates that it may see some serious upside that leads it up towards its resistance in the upper-$0.20 region.
XRP Continues Consolidating as Analysts Eye Upside
At the time of writing, XRP is trading up just under 1% at its current price of $0.255.
It has been ranging between lows of $0.24 and highs of $0.26 throughout the past week, with buyers and sellers struggling to gain any momentum.
If it fails to break above the upper boundary of this trading range, it may continue consolidating or drift back down towards its bedrock support within the lower-$0.20 region.
The buying pressure here is always decent and should remain steady so long as the wider market remains bullish.
Unless the XRP token begins gaining some greater utility via Ripple partnerships, any price pumps in the near-term will likely be fleeting due to only being backed by short-term traders.
Analyst Claims XRP is Setting Up for a Big Push Higher
While sharing his thoughts on the embattled cryptocurrency’s current outlook, one analyst explained that he expects it to see some short-term upside and follow in Ethereum’s footsteps.
“Basically xrp looks exactly like eth did before it broke out yesterday… easy scalp long imo,” he said while pointing to the similarities seen between the two assets’ charts.
Image Courtesy of @SmartContracter. ETHUSD and XRPUSD Charts via TradingView.
XRP’s recent inability to follow the market has been a somewhat grim sign and could indicate that further underperformance is imminent.
That being said, there’s a strong possibility that it will see a short-term upswing towards $0.30 in the days ahead.
Featured image from Unsplash. Charts via TradingView.