XRP Market Keenly Observing After It Spent Over 540 Days in Prolonged Consolidation Phase

The cryptocurrency market is keenly observing XRP after it spent over 540 days in a prolonged consolidation phase. Popular analyst Egrag recently shared his insights

XRP price has attracted attention lately, especially among cryptocurrency enthusiasts, as the token has spent over 540 days in a prolonged consolidation phase. Popular analyst Egrag recently shared his insights on XRP’s price movements since March 2023, sparking interest in a potential breakout.

Egrag’s chart highlights XRP’s price movements, showing a prolonged period of sideways trading. Since March 13, 2023, the digital asset has bounced between accumulation zones and support areas, with the $0.3931 level acting as a crucial safety net.

The price has been stuck in this range for over a year and a half, with no clear breakout in sight. However, according to Egrag, this extended period of consolidation could be signaling the build-up to a significant upward move. His chart indicates bullish targets based on Fibonacci retracement levels, with potential price points at $0.7399 and $0.9249. In a more ambitious outlook, the token could surge to $1.4694.

This prolonged accumulation phase could lead to what Egrag terms a “mega pump.” In a direct message to XRP holders, he stated that those who sold out during this stagnant period “do not deserve the massive mega pumps” ahead.

Other Tokens Outperform XRP

While XRP has remained range-bound, other cryptocurrencies have flourished. Bitcoin reached an all-time high in March, while Binance Coin (BNB) hit a peak in June 2024. Meme coins like FLOKI and Shiba Inu also saw significant gains. XRP, on the other hand, failed to capture the momentum of these market rallies, lagging behind its peers.

However, consolidation often precedes large moves, as traders accumulate positions in anticipation of the next trend. Patience may be the key, as Egrag suggests that the token holders who remain during this phase will see substantial rewards.

Currently, XRP trades at approximately $0.5324, and the crypto community is keeping a close eye on the token’s price movements. It remains to be seen if XRP can break out of its range and hit those bullish targets.

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