XRP Consolidating and Following ETH’s Parabolic Pattern Before it Broke Resistance

XRP, the fourth largest cryptocurrency as per coinmarketcap, has always attracted users for its macro consolidation phases. From the past few years, the coin is stuck in the consolidation phase at macro levels against USD as well as the BTC trading pairs of the market. 

Source: coinmarketcap

This has directly resulted in the XRP community’s movement or the so-called XRP army to migrate towards other crypto projects. Though XRP has not lost all its trust from the investors, many still see it as an option for the short term profit earring tool. Parabolic behaviors of the coin are the main reason behind that. 

Analysts over the internet are discovering a similarity in the charts of XRP and Ethereum. They believe that the current price movement of XRP and Ethereum’s recent parabolic moment before are quite similar. This has even led XRP to an uptrend in the market by breaking the Resistance of $0.20 and currently trading at $0.25 at the time of writing. 

Current Consolidation of XRP

In the past 24 hours, XRP has been down by 0.02%. All through the week, it has failed to gain any significant momentum making traders struggle in the market. Last week’s chart shows that the coin is trading between $0.24 to $0.26. The current analysis of the coin shows that in the coming days if XRP fails to break the resistance level of $0.26, it can drop back to the support level of $0.20 and possibly even further.

XRP chart
Source: coinmarketcap

Will XRP Gain Momentum in the Future?

Ripple, the open-source platform and founder of RippleNet, can bring momentum in the XRP but will need significant partnerships in the market for doing it. The news of Ripple considering moving their operations to London over the US government’s regulatory issues can help break the consolidation phase of XRP. 

What’s for the Future?

XRP could be seen gaining a significant moment up to $0.30 in the coming days for a short period. If this happens, it will be similar to the ETH, where Ethereum followed the same pattern before breaking the Resistance. But in the past, XRP had been incapable of following the market momentum and gaining momentum like other major cryptocurrencies in the market.