Ripple (XRP) Price Consolidates Within Ranging Pattern, Anticipating Potential Breakout

The post Ripple (XRP) Price Consolidates Within Ranging Pattern, Anticipating Potential Breakout appeared first on Coinpedia Fintech News

The XRP market faces a decision-making period in the coming months, especially with the ongoing lawsuit expected to conclude anytime. Experts seem to agree that XRP may have begun as a security but has since morphed into a commodity.

Moreover, the Ripple-backed digital asset has been adopted globally to aid in cross-border payments solutions 24/7.  As a result, experts believe the Judge could rule that some XRP transactions are securities, especially during the early development stages.

However, the biggest argument is whether Ripple should still be allowed to initiate programmatic XRP sales from the escrow account. 

XRP Price Analysis

According to a popular crypto analyst on Twitter EGRAG Crypto, the XRP market remains bullish in the macro outlook despite the short-term headwinds. From the macro perspective, the analyst plotted a triangle with a final wake line on the upper resistance level.

As the prices continue to consolidate in the tail end of the macro triangle, the analyst highlighted that an imminent breakout is scheduled for the end of this month. From a bullish perspective, the analyst pointed out that XRP has been consolidating in anticipation of a positive lawsuit ruling. If the bearish news suddenly befalls the crypto market, EGRAG Crypto expects the XRP support level around 30 cents to hold.

“…0.30c remains a robust support level. Even in the face of negative news or FUD, the bulls will hold #XRP above this line,” the analyst noted.