XRP eyes rally: Consolidation phase sparks optimism
The post XRP eyes rally: Consolidation phase sparks optimism appeared on BitcoinEthereumNews.com.
XRP, the digital token associated with Ripple, has declined 18% during the current month, bringing the price to a level near significant support zones, according to market data. Summary XRP saw a slight increase in price over the past 24 hours. Analysts suggest that XRP is in a multi-month consolidation phase. XRP’s ETF activity has surged, and technical analysts are watching for a possible flag pattern. The token recorded a modest gain over the past 24 hours and advanced slightly during the past week, while daily trading volume remained elevated. The price remains well below its recent high. Source: CoinGecko Technical analyst CRYPTOWZRD characterized the current movement as an “inverse parabolic decline” in a market analysis. The analyst noted that a similar decline earlier this year preceded a subsequent rally, and stated that “sharp declines often precede an equally violent rally.” Market participants are monitoring whether the key support zone will hold, which could determine the token’s trajectory toward the middle of its recent trading range. XRP is in a multi-month consolidation Analyst ChartNerd published a long-term chart indicating XRP is in a multi-month consolidation phase above a level that previously marked its all-time high close and now functions as support. The analyst noted the pattern is “valid as long as support holds,” with a potential upside target derived from Fibonacci projection analysis. A separate chart from ChartNerd suggests XRP may be approaching the final stage of an Elliott Wave pattern, a technical analysis method that identifies recurring price patterns. According to this analysis, the token appears to be in the fourth phase of a five-stage structure, with consolidation occurring above the 2021 high. The projected fifth wave indicates potential for significant upside movement. Exchange-traded fund (ETF) activity related to XRP has increased, according to data shared by CryptosRus. The…
