XRP’s price action has been similar to how it has been for the past couple of years, with it consolidating in the mid-$0.20 region while being wholly unable to garner any type of sustainable trend.
This consolidation phase has come about despite the strength seen by Bitcoin and the rest of the crypto market.
Much of the cryptocurrency’s lackluster price action can be pinned on its lack of utility and waning community momentum.
Although XRP had built one of the strongest communities on social media throughout 2017 and 2018, reports of Ripple’s incessant quarterly token dumps, coupled with its lackluster price action, has caused this to disintegrate.
Despite this being an underlying weakness, one analyst still believes that the cryptocurrency could be just a week or two away from starting its next bull run.
He notes that it is rounding off a bottom formation on its weekly chart and could soon break above its 2017 resistance – which ended up being XRP’s 2018 support.
XRP Continues Consolidating Despite Bitcoin’s Strength
Bitcoin is currently attempting to break above $13,200, which is a key resistance level that has been slowing its ascent for the past week.
Although a break above this level would be bullish for the aggregated market, altcoins like XRP and even Ethereum have been struggling to see any strong momentum as of late.
At the time of writing, XRP is trading down just under 2% at its