XRP Has Been Moving Sideways, But Could Be Gearing Up for a Major Breakout

Between 2017 and 2018, the token skyrocketed from just $0.006 to a staggering $3.80, delivering massive returns within a single year.

XRP price has been moving sideways over the past few weeks, showing limited upside momentum despite a generally bullish trend in the broader crypto market.

With traders focused on whether XRP will slip into another consolidation phase or if it’s gearing up for a major move, the token’s historical performance and current technical analysis offer some insight.

XRP price could be setting up for a slip into another consolidation phase or a major move. Source: XRPUSD on TradingView.com

Many in the community believe that XRP’s long-anticipated breakout cycle is taking shape as the asset continues to hold above the crucial $2 support level.

Here's a breakdown of the key observations and technical analysis:

Optimism Is Returning Slowly

As the token edges closer to the multi-year resistance, optimism is slowly returning. A 2x surge in market cap? It’s looking increasingly realistic. Ripple’s long-term fundamentals and its progress on regulatory fronts continue to make the token a compelling altcoin bet.

At press time, XRP is trading hands at around $2.19. The token has been moving sideways for the past few weeks, forming a tight range between $1.5 and $2.5.

Key resistance levels, such as the 50-day Simple Moving Average (SMA) around $2.3 and the 200-day SMA at $1.5, remain unbroken, and technical indicators suggest a cautious sentiment is dominating the market.

Relative Strength Index Fades Bullish Momentum

The 4-hour chart shows the Relative Strength Index (RSI) lingering close to the 44.37 and 46.51 levels, below the neutral 50 mark, indicating fading bullish momentum.

Meanwhile, the MACD (Moving Average Convergence Divergence) is also painting a bearish picture, with both the histogram and moving averages deep in the red. The MACD line at -0.0015 sits below the signal line at -0.0074, suggesting further downside pressure unless bullish volume steps in.

However, it’s worth noting that the token has found strong support at the $2 level, which could be a crucial factor in determining the next major move for XRP price.

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