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Ripple (XRP), crypto world’s attention continues to captivate. Recently, XRP’s price has been at the critical support level of $0.586. This situation indicates the sign of a potential rally. However, the question that is being wondered here is: Can Ripple borrow a page from meme coins and make a 50% move?
XRP’s Price Movement
XRP‘s price movement is showing a structure similar to meme coin consolidation, which often leads to an explosive fluctuation. In particular, it has consolidated tightly over the last 250 days and reached a significant support base. During this process, signs have emerged that XRP is preparing itself for a rally.
However, as always in the crypto market, there are decisive factors related to dropping below a certain price level or exceeding a certain resistance level. A drop in the weekly support level to $0.586 could invalidate the bullish thesis and delay XRP’s expected rally movement.
Meanwhile, the influence of meme coins in the crypto world is becoming more pronounced. For example, Shiba Inu (SHIB) coin showed an increase of about 350% after a few months of consolidation. This demonstrates how meme coins can have an influential power in the market and raises the possibility that XRP could create a similar impact.
Ripple (XRP) in a Tight Consolidation Range for 250 Days
Ripple has been in a tight consolidation range for the last 250 days. However, recent developments have increased hopes that its price could become more active. Particularly, the breakout above the decreasing trend line and the resistance level of $0.586 turning into support are noteworthy.
Currently, the Ripple price is trading above $0.586, indicating the formation of a new range. The Weekly Relative Strength Index (RSI) has recovered after briefly dropping below the average level of 50, showing that buyers are still active in the market. Additionally, the Awesome Oscillator (AO) is trending above the zero level, indicating that the bullish momentum could continue.
Technical analysis shows that Ripple’s price is ready for a breakout to the $0.920 level, which is about 50% away from its current level.
However, as investors turn to Ripple, they should also consider the developments in the Bitcoin price. If BTC continues to fall towards the $59,000 level, it should not be forgotten that altcoins could also be affected. In this scenario, Ripple’s price could retreat to the next significant support level of $0.481, a 22% drop.
